EIG vs VXX: Correlation
How closely do Employers Holdings Inc (EIG) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIG and VXX?
Over the past 3 years, EIG and VXX moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.28). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -393.6 %².
VXX is close to the least connected end of EIG's tracked universe, ranking #16 of 19. Their recent paths diverged sharply: over the last 12 months EIG outperformed by 66.4 percentage points (+16.7% for EIG against -49.7% for VXX). One caveat on sizing: VXX is 2.7 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.
EIG vs VXX: side by side
| EIG (Employers Holdings Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.7% | -49.7% |
| 5-year return | +43.2% | -95.6% |
| Volatility (ann.) | 22.8% | 60.9% |
| Beta vs S&P 500 | 0.32 | -3.31 |
| Max drawdown (3Y) | -31.3% | -83.3% |
| Market cap | $0.9B | – |
| P/E (trailing) | 62.1 | – |
| Dividend yield | 2.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIG | VXX |
|---|---|---|
| 2022 | +12.6% | -23.8% |
| 2023 | -6.1% | -72.5% |
| 2024 | +33.4% | -26.2% |
| 2025 | -13.3% | -42.2% |
| 2026 | +16.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIG and VXX good diversifiers for each other?
Yes. With a correlation of -0.28, EIG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EIG and VXX?
The EIG/VXX correlation stands at -0.28 on a 3-year window (1 year: -0.10, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for EIG?
Yes. With a correlation of -0.28, EIG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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/eig-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eig-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EIG correlations · VXX correlations
