AROW vs VXX: Correlation
Measured on weekly returns over the past three years, Arrow Financial Corporation (AROW) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.44, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROW and VXX?
Across a 3-year window, the weekly returns of AROW and VXX correlate at -0.44, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.44). Stretching to 5 years gives -0.37, with an annualized covariance of -817.2 %².
VXX is close to the least connected end of AROW's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months AROW outperformed by 84.4 percentage points (+34.7% for AROW against -49.7% for VXX). One caveat on sizing: VXX is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AROW vs VXX: side by side
| AROW (Arrow Financial Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.7% | -49.7% |
| 5-year return | +32.7% | -95.6% |
| Volatility (ann.) | 30.3% | 60.9% |
| Beta vs S&P 500 | 0.73 | -3.31 |
| Max drawdown (3Y) | -29.9% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 3.10% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AROW | VXX |
|---|---|---|
| 2022 | +2.3% | -23.8% |
| 2023 | -13.4% | -72.5% |
| 2024 | +7.2% | -26.2% |
| 2025 | +13.9% | -42.2% |
| 2026 | +25.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and VXX good diversifiers for each other?
Yes. With a correlation of -0.44, AROW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AROW and VXX?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.19 over the last year and -0.37 over 5 years.
Is VXX a good diversifier for AROW?
Yes. With a correlation of -0.44, AROW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arow-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arow-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AROW correlations · VXX correlations
