ESAB vs VXX: Correlation
How closely do ESAB Corporation (ESAB) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESAB and VXX?
Over the past 3 years, ESAB and VXX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -910.7 %².
Among the 13 assets we track against ESAB, VXX sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months ESAB outperformed by 17.2 percentage points (-32.5% for ESAB against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.7 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.
ESAB vs VXX: side by side
| ESAB (ESAB Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -32.5% | -49.7% |
| 5-year return | +60.4% | -95.6% |
| Volatility (ann.) | 36.3% | 60.9% |
| Beta vs S&P 500 | 1.30 | -3.31 |
| Max drawdown (3Y) | -41.6% | -83.3% |
| Market cap | $4.9B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 0.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESAB | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | +85.2% | -72.5% |
| 2024 | +38.9% | -26.2% |
| 2025 | -6.5% | -42.2% |
| 2026 | -29.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESAB and VXX good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESAB and VXX?
The ESAB/VXX correlation stands at -0.41 on a 3-year window (1 year: -0.41, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ESAB?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
A reading of -0.41 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/esab-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esab-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESAB correlations · VXX correlations
