DX vs VXX: Correlation
Measured on weekly returns over the past three years, Dynex Capital, Inc. (DX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and VXX?
Over the past 3 years, DX and VXX moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.31) than the 3-year average (-0.46). Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -604.7 %².
VXX is close to the least connected end of DX's tracked universe, ranking #14 of 15. Their recent paths diverged sharply: over the last 12 months DX outperformed by 70.2 percentage points (+20.5% for DX against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.8 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.
DX vs VXX: side by side
| DX (Dynex Capital, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.5% | -49.7% |
| 5-year return | +40.2% | -95.6% |
| Volatility (ann.) | 21.5% | 60.9% |
| Beta vs S&P 500 | 0.70 | -3.31 |
| Max drawdown (3Y) | -25.8% | -83.3% |
| Market cap | $3.2B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 15.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | VXX |
|---|---|---|
| 2022 | -15.4% | -23.8% |
| 2023 | +11.9% | -72.5% |
| 2024 | +13.6% | -26.2% |
| 2025 | +29.5% | -42.2% |
| 2026 | +3.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and VXX good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DX and VXX?
The DX/VXX correlation stands at -0.46 on a 3-year window (1 year: -0.31, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for DX?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 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/dx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DX correlations · VXX correlations
