ECX vs VXX: Correlation
ECARX Holdings Inc. - Class A (ECX) 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 -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECX and VXX?
Over the past 3 years, ECX and VXX moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.21 over 3. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -1214.5 %².
Among the 12 assets we track against ECX, VXX sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with ECX ahead by 16.6 points (-33.1% versus -49.7%). One caveat on sizing: ECX is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ECX vs VXX: side by side
| ECX (ECARX Holdings Inc. - Class A) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.1% | -49.7% |
| 5-year return | -88.9% | -95.6% |
| Volatility (ann.) | 93.0% | 60.9% |
| Beta vs S&P 500 | 1.61 | -3.31 |
| Max drawdown (3Y) | -82.6% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECX | VXX |
|---|---|---|
| 2022 | -18.1% | -23.8% |
| 2023 | -60.5% | -72.5% |
| 2024 | -33.2% | -26.2% |
| 2025 | -18.5% | -42.2% |
| 2026 | -37.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECX and VXX good diversifiers for each other?
Yes. With a correlation of -0.21, ECX and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ECX and VXX?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.21 over the last year and -0.18 over 5 years.
Is VXX a good diversifier for ECX?
Yes. With a correlation of -0.21, ECX and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/ecx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ECX correlations · VXX correlations
