ESS vs VXX: Correlation
Measured on weekly returns over the past three years, Essex Property Trust (ESS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESS and VXX?
On 3 years of weekly data the ESS/VXX correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.43). The 5-year figure is -0.39, and annualized covariance runs at -581.9 %².
Among the 31 assets we track against ESS, VXX sits near the bottom by co-movement, at rank #30. Correlation aside, the last 12 months split them widely, with ESS ahead by 58.8 points (+9.1% versus -49.7%). Risk is not evenly split, since VXX carries 2.7 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.
ESS vs VXX: side by side
| ESS (Essex Property Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.1% | -49.7% |
| 5-year return | +3.0% | -95.6% |
| Volatility (ann.) | 22.2% | 60.9% |
| Beta vs S&P 500 | 0.64 | -3.31 |
| Max drawdown (3Y) | -20.8% | -83.3% |
| Market cap | $19.4B | – |
| P/E (trailing) | 44.8 | – |
| Dividend yield | 3.58% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ESS | VXX |
|---|---|---|
| 2022 | -37.8% | -23.8% |
| 2023 | +22.0% | -72.5% |
| 2024 | +18.4% | -26.2% |
| 2025 | -5.0% | -42.2% |
| 2026 | +10.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESS and VXX good diversifiers for each other?
Yes. With a correlation of -0.43, ESS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ESS and VXX?
The ESS/VXX correlation stands at -0.43 on a 3-year window (1 year: -0.09, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ESS?
Yes. With a correlation of -0.43, ESS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/ess-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ess-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESS correlations · VXX correlations
