CASH vs VXX: Correlation
How closely do Pathward Financial, Inc. (CASH) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CASH and VXX?
On 3 years of weekly data the CASH/VXX correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.20 versus -0.44 over 3 years. The 5-year figure is -0.39, and annualized covariance runs at -788.6 %².
VXX is close to the least connected end of CASH's tracked universe, ranking #11 of 12. The last year tells two different stories: CASH led by 51.8 percentage points, +2.1% for CASH against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.1 times the volatility of the other side.
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.
CASH vs VXX: side by side
| CASH (Pathward Financial, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.1% | -49.7% |
| 5-year return | +71.2% | -95.6% |
| Volatility (ann.) | 29.4% | 60.9% |
| Beta vs S&P 500 | 0.84 | -3.31 |
| Max drawdown (3Y) | -22.2% | -83.3% |
| Market cap | $1.7B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 0.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CASH | VXX |
|---|---|---|
| 2022 | -27.5% | -23.8% |
| 2023 | +23.4% | -72.5% |
| 2024 | +39.5% | -26.2% |
| 2025 | -3.2% | -42.2% |
| 2026 | +15.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASH and VXX good diversifiers for each other?
Yes. With a correlation of -0.44, CASH and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CASH and VXX?
The CASH/VXX correlation stands at -0.44 on a 3-year window (1 year: -0.20, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CASH?
Yes. With a correlation of -0.44, CASH and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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/cash-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cash-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CASH correlations · VXX correlations
