ELAN vs VXX: Correlation
Elanco Animal Health Incorporated (ELAN) 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 -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and VXX?
Across a 3-year window, the weekly returns of ELAN and VXX correlate at -0.44, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.44). Stretching to 5 years gives -0.41, with an annualized covariance of -1193.1 %².
Among the 11 assets we track against ELAN, VXX sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months ELAN outperformed by 82.1 percentage points (+32.4% for ELAN against -49.7% for VXX).
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.
ELAN vs VXX: side by side
| ELAN (Elanco Animal Health Incorporated) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.4% | -49.7% |
| 5-year return | -26.8% | -95.6% |
| Volatility (ann.) | 44.8% | 60.9% |
| Beta vs S&P 500 | 1.18 | -3.31 |
| Max drawdown (3Y) | -56.1% | -83.3% |
| Market cap | $12.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELAN | VXX |
|---|---|---|
| 2022 | -56.9% | -23.8% |
| 2023 | +21.9% | -72.5% |
| 2024 | -18.7% | -26.2% |
| 2025 | +86.9% | -42.2% |
| 2026 | +8.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and VXX good diversifiers for each other?
Yes. With a correlation of -0.44, ELAN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELAN and VXX?
The ELAN/VXX correlation stands at -0.44 on a 3-year window (1 year: -0.30, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ELAN?
Yes. With a correlation of -0.44, ELAN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 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/elan-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elan-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELAN correlations · VXX correlations
