DAC vs VXX: Correlation
Danaos Corporation (DAC) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAC and VXX?
Across a 3-year window, the weekly returns of DAC and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.34). Stretching to 5 years gives -0.27, with an annualized covariance of -524.5 %².
VXX is close to the least connected end of DAC's tracked universe, ranking #15 of 15. Their recent paths diverged sharply: over the last 12 months DAC outperformed by 117.7 percentage points (+68.0% for DAC against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.4 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.
DAC vs VXX: side by side
| DAC (Danaos Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +68.0% | -49.7% |
| 5-year return | +112.7% | -95.6% |
| Volatility (ann.) | 25.3% | 60.9% |
| Beta vs S&P 500 | 0.58 | -3.31 |
| Max drawdown (3Y) | -28.9% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 5.0 | – |
| Dividend yield | 2.44% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DAC | VXX |
|---|---|---|
| 2022 | -26.6% | -23.8% |
| 2023 | +47.5% | -72.5% |
| 2024 | +12.4% | -26.2% |
| 2025 | +20.0% | -42.2% |
| 2026 | +64.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAC and VXX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DAC and VXX?
The DAC/VXX correlation stands at -0.34 on a 3-year window (1 year: -0.21, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for DAC?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/dac-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dac-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DAC correlations · VXX correlations
