ELV vs VXX: Correlation
Measured on weekly returns over the past three years, Elevance Health (ELV) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and VXX?
On 3 years of weekly data the ELV/VXX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.23). The 5-year figure is -0.26, and annualized covariance runs at -390.3 %².
Within ELV's tracked universe of 27 assets, VXX comes in at #22 by 3-year correlation. The last year tells two different stories: ELV led by 81.2 percentage points, +31.5% for ELV against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.2 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.
ELV vs VXX: side by side
| ELV (Elevance Health) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.5% | -49.7% |
| 5-year return | +15.7% | -95.6% |
| Volatility (ann.) | 28.0% | 60.9% |
| Beta vs S&P 500 | 0.37 | -3.31 |
| Max drawdown (3Y) | -50.4% | -83.3% |
| Market cap | $86.6B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 1.70% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | VXX |
|---|---|---|
| 2022 | +11.8% | -23.8% |
| 2023 | -6.9% | -72.5% |
| 2024 | -20.7% | -26.2% |
| 2025 | -3.1% | -42.2% |
| 2026 | +15.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and VXX good diversifiers for each other?
Yes. With a correlation of -0.23, ELV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELV and VXX?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.37 over the last year and -0.26 over 5 years.
Is VXX a good diversifier for ELV?
Yes. With a correlation of -0.23, ELV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/elv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELV correlations · VXX correlations
