ECF vs VXX: Correlation
How closely do Ellsworth Growth and Income Fund Ltd. (ECF) 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 -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECF and VXX?
Over the past 3 years, ECF and VXX moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.40 versus -0.51 over 3 years. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -515.1 %².
VXX is close to the least connected end of ECF's tracked universe, ranking #18 of 19. The last year tells two different stories: ECF led by 72.6 percentage points, +22.9% for ECF against -49.7% for VXX. Risk is not evenly split, since VXX carries 3.7 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.
ECF vs VXX: side by side
| ECF (Ellsworth Growth and Income Fund Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.9% | -49.7% |
| 5-year return | +25.8% | -95.6% |
| Volatility (ann.) | 16.5% | 60.9% |
| Beta vs S&P 500 | 0.71 | -3.31 |
| Max drawdown (3Y) | -16.8% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 3.9 | – |
| Dividend yield | 7.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECF | VXX |
|---|---|---|
| 2022 | -31.6% | -23.8% |
| 2023 | +8.0% | -72.5% |
| 2024 | +27.5% | -26.2% |
| 2025 | +30.0% | -42.2% |
| 2026 | +10.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECF and VXX good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ECF and VXX?
The ECF/VXX correlation stands at -0.51 on a 3-year window (1 year: -0.40, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ECF?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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/ecf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ECF correlations · VXX correlations
