EEA vs VXX: Correlation
How closely do The European Equity Fund, Inc. (EEA) 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 EEA and VXX?
Over the past 3 years, EEA and VXX moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.62) than the 3-year average (-0.51). Over 5 years the correlation is -0.51, and the annualized covariance of weekly returns is -483.0 %².
Among the 14 assets we track against EEA, VXX sits near the bottom by co-movement, at rank #14. The last year tells two different stories: EEA led by 61.4 percentage points, +11.7% for EEA against -49.7% for VXX. 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.
EEA vs VXX: side by side
| EEA (The European Equity Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.7% | -49.7% |
| 5-year return | +34.8% | -95.6% |
| Volatility (ann.) | 15.4% | 60.9% |
| Beta vs S&P 500 | 0.61 | -3.31 |
| Max drawdown (3Y) | -14.1% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 6.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EEA | VXX |
|---|---|---|
| 2022 | -19.0% | -23.8% |
| 2023 | +17.2% | -72.5% |
| 2024 | -3.5% | -26.2% |
| 2025 | +28.8% | -42.2% |
| 2026 | +13.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEA 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 EEA and VXX?
The EEA/VXX correlation stands at -0.51 on a 3-year window (1 year: -0.62, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for EEA?
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?
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/eea-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eea-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EEA correlations · VXX correlations
