ESI vs VXX: Correlation
How closely do Element Solutions Inc. (ESI) 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 -0.53, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESI and VXX?
Over the past 3 years, ESI and VXX moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.40) than the 3-year average (-0.53). Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -1055.9 %².
VXX is close to the least connected end of ESI's tracked universe, ranking #18 of 18. Their recent paths diverged sharply: over the last 12 months ESI outperformed by 93.0 percentage points (+43.3% for ESI against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.9 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.
ESI vs VXX: side by side
| ESI (Element Solutions Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +43.3% | -49.7% |
| 5-year return | +67.5% | -95.6% |
| Volatility (ann.) | 32.8% | 60.9% |
| Beta vs S&P 500 | 1.26 | -3.31 |
| Max drawdown (3Y) | -40.0% | -83.3% |
| Market cap | $8.9B | – |
| P/E (trailing) | 49.4 | – |
| Dividend yield | 0.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESI | VXX |
|---|---|---|
| 2022 | -23.9% | -23.8% |
| 2023 | +29.3% | -72.5% |
| 2024 | +11.3% | -26.2% |
| 2025 | -0.4% | -42.2% |
| 2026 | +46.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESI and VXX good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESI and VXX?
Using weekly returns as of 2026-08-27: -0.53 over 3 years, with -0.40 over the last year and -0.53 over 5 years.
Is VXX a good diversifier for ESI?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 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/esi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESI correlations · VXX correlations
