BNS vs VXX: Correlation
Measured on weekly returns over the past three years, Bank Nova Scotia Halifax Pfd 3 (BNS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and VXX?
Across a 3-year window, the weekly returns of BNS and VXX correlate at -0.43, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.56) runs below the 3-year figure (-0.43). Stretching to 5 years gives -0.43, with an annualized covariance of -459.4 %².
Among the 11 assets we track against BNS, VXX sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months BNS outperformed by 101.6 percentage points (+51.9% for BNS against -49.7% for VXX). Note the risk asymmetry: VXX runs 3.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BNS vs VXX: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.9% | -49.7% |
| 5-year return | +90.5% | -95.6% |
| Volatility (ann.) | 17.4% | 60.9% |
| Beta vs S&P 500 | 0.58 | -3.31 |
| Max drawdown (3Y) | -19.5% | -83.3% |
| Market cap | $113.3B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 4.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNS | VXX |
|---|---|---|
| 2022 | -28.8% | -23.8% |
| 2023 | +6.0% | -72.5% |
| 2024 | +17.6% | -26.2% |
| 2025 | +43.4% | -42.2% |
| 2026 | +27.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between BNS and VXX?
The BNS/VXX correlation stands at -0.43 on a 3-year window (1 year: -0.56, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for BNS?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 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/bns-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bns-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BNS correlations · VXX correlations
