AXS vs VXX: Correlation
Axis Capital Holdings Limited (AXS) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and VXX?
Over the past 3 years, AXS and VXX moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.26). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -362.2 %².
VXX is close to the least connected end of AXS's tracked universe, ranking #22 of 23. Correlation aside, the last 12 months split them widely, with AXS ahead by 51.2 points (+1.5% versus -49.7%). One caveat on sizing: VXX is 2.6 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.
AXS vs VXX: side by side
| AXS (Axis Capital Holdings Limited) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.5% | -49.7% |
| 5-year return | +118.2% | -95.6% |
| Volatility (ann.) | 23.0% | 60.9% |
| Beta vs S&P 500 | 0.30 | -3.31 |
| Max drawdown (3Y) | -17.4% | -83.3% |
| Market cap | $7.2B | – |
| P/E (trailing) | 7.1 | – |
| Dividend yield | 1.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXS | VXX |
|---|---|---|
| 2022 | +2.6% | -23.8% |
| 2023 | +5.6% | -72.5% |
| 2024 | +63.9% | -26.2% |
| 2025 | +21.9% | -42.2% |
| 2026 | -6.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and VXX good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AXS and VXX?
The AXS/VXX correlation stands at -0.26 on a 3-year window (1 year: 0.01, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for AXS?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AXS correlations · VXX correlations
