BMO vs VXX: Correlation
Measured on weekly returns over the past three years, Bank Of Montreal (BMO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMO and VXX?
On 3 years of weekly data the BMO/VXX correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.48 over 3. The 5-year figure is -0.47, and annualized covariance runs at -591.7 %².
Out of 11 assets tracked against BMO, VXX lands near the bottom at #11. The last year tells two different stories: BMO led by 96.4 percentage points, +46.7% for BMO against -49.7% for VXX. One caveat on sizing: VXX is 3.0 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.
BMO vs VXX: side by side
| BMO (Bank Of Montreal) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +46.7% | -49.7% |
| 5-year return | +109.4% | -95.6% |
| Volatility (ann.) | 20.3% | 60.9% |
| Beta vs S&P 500 | 0.75 | -3.31 |
| Max drawdown (3Y) | -17.6% | -83.3% |
| Market cap | $120.0B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 3.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMO | VXX |
|---|---|---|
| 2022 | -12.4% | -23.8% |
| 2023 | +14.6% | -72.5% |
| 2024 | +3.0% | -26.2% |
| 2025 | +38.3% | -42.2% |
| 2026 | +34.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMO and VXX good diversifiers for each other?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BMO and VXX?
As of 2026-08-27, the correlation of weekly returns between BMO and VXX is -0.48 over 3 years, -0.44 over 1 year and -0.47 over 5 years.
Is VXX a good diversifier for BMO?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.48 mean?
A reading of -0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bmo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BMO correlations · VXX correlations
