ESTA vs VXX: Correlation
How closely do Establishment Labs Holdings Inc. (ESTA) 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 -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and VXX?
Across a 3-year window, the weekly returns of ESTA and VXX correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.27 over 3 years. Stretching to 5 years gives -0.28, with an annualized covariance of -1174.8 %².
Out of 12 assets tracked against ESTA, VXX lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months ESTA outperformed by 118.9 percentage points (+69.2% for ESTA against -49.7% for VXX).
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.
ESTA vs VXX: side by side
| ESTA (Establishment Labs Holdings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.2% | -49.7% |
| 5-year return | -0.0% | -95.6% |
| Volatility (ann.) | 70.5% | 60.9% |
| Beta vs S&P 500 | 1.02 | -3.31 |
| Max drawdown (3Y) | -64.1% | -83.3% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTA | VXX |
|---|---|---|
| 2022 | -2.9% | -23.8% |
| 2023 | -60.6% | -72.5% |
| 2024 | +77.9% | -26.2% |
| 2025 | +58.2% | -42.2% |
| 2026 | -1.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and VXX good diversifiers for each other?
Yes. With a correlation of -0.27, ESTA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ESTA and VXX?
The ESTA/VXX correlation stands at -0.27 on a 3-year window (1 year: -0.14, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ESTA?
Yes. With a correlation of -0.27, ESTA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/esta-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esta-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESTA correlations · VXX correlations
