ESNT vs VXX: Correlation
Essent Group Ltd. (ESNT) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESNT and VXX?
Across a 3-year window, the weekly returns of ESNT and VXX correlate at -0.36, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.36). Stretching to 5 years gives -0.43, with an annualized covariance of -463.4 %².
VXX is close to the least connected end of ESNT's tracked universe, ranking #12 of 13. Correlation aside, the last 12 months split them widely, with ESNT ahead by 59.9 points (+10.2% versus -49.7%). Note the risk asymmetry: VXX runs 2.8 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.
ESNT vs VXX: side by side
| ESNT (Essent Group Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -49.7% |
| 5-year return | +62.5% | -95.6% |
| Volatility (ann.) | 21.4% | 60.9% |
| Beta vs S&P 500 | 0.57 | -3.31 |
| Max drawdown (3Y) | -18.4% | -83.3% |
| Market cap | $6.2B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 1.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESNT | VXX |
|---|---|---|
| 2022 | -12.8% | -23.8% |
| 2023 | +38.6% | -72.5% |
| 2024 | +5.2% | -26.2% |
| 2025 | +20.7% | -42.2% |
| 2026 | +7.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESNT and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESNT and VXX?
The ESNT/VXX correlation stands at -0.36 on a 3-year window (1 year: -0.17, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ESNT?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/esnt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esnt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESNT correlations · VXX correlations
