ASH vs VXX: Correlation
Ashland Inc. (ASH) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASH and VXX?
On 3 years of weekly data the ASH/VXX correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -773.9 %².
Among the 12 assets we track against ASH, VXX sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months ASH outperformed by 84.4 percentage points (+34.7% for ASH against -49.7% for VXX). One caveat on sizing: VXX is 1.9 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.
ASH vs VXX: side by side
| ASH (Ashland Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.7% | -49.7% |
| 5-year return | -6.5% | -95.6% |
| Volatility (ann.) | 31.6% | 60.9% |
| Beta vs S&P 500 | 0.98 | -3.31 |
| Max drawdown (3Y) | -53.3% | -83.3% |
| Market cap | $3.4B | – |
| P/E (trailing) | 47.7 | – |
| Dividend yield | 2.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASH | VXX |
|---|---|---|
| 2022 | +1.1% | -23.8% |
| 2023 | -20.2% | -72.5% |
| 2024 | -13.7% | -26.2% |
| 2025 | -15.4% | -42.2% |
| 2026 | +27.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASH and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between ASH and VXX?
The ASH/VXX correlation stands at -0.40 on a 3-year window (1 year: -0.40, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ASH?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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/ash-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ash-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASH correlations · VXX correlations
