ECAT vs VXX: Correlation
Measured on weekly returns over the past three years, BlackRock ESG Capital Allocation Term Trust (ECAT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.61, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECAT and VXX?
On 3 years of weekly data the ECAT/VXX correlation comes out at -0.61, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.66 over 1 year against -0.61 over 3. The 5-year figure is -0.58, and annualized covariance runs at -563.3 %².
VXX is close to the least connected end of ECAT's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with ECAT ahead by 64.4 points (+14.7% versus -49.7%). Note the risk asymmetry: VXX runs 4.0 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.
ECAT vs VXX: side by side
| ECAT (BlackRock ESG Capital Allocation Term Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.7% | -49.7% |
| 5-year return | +56.8% | -95.6% |
| Volatility (ann.) | 15.2% | 60.9% |
| Beta vs S&P 500 | 0.79 | -3.31 |
| Max drawdown (3Y) | -15.8% | -83.3% |
| Market cap | $1.5B | – |
| P/E (trailing) | 7.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECAT | VXX |
|---|---|---|
| 2022 | -21.9% | -23.8% |
| 2023 | +32.4% | -72.5% |
| 2024 | +20.0% | -26.2% |
| 2025 | +16.6% | -42.2% |
| 2026 | +15.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECAT and VXX good diversifiers for each other?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ECAT and VXX?
As of 2026-08-27, the correlation of weekly returns between ECAT and VXX is -0.61 over 3 years, -0.66 over 1 year and -0.58 over 5 years.
Is VXX a good diversifier for ECAT?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.61 mean?
A reading of -0.61 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/ecat-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecat-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ECAT correlations · VXX correlations
