ESTC vs VXX: Correlation
Elastic N.V. (ESTC) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and VXX?
Over the past 3 years, ESTC and VXX moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -1122.2 %².
Out of 14 assets tracked against ESTC, VXX lands near the bottom at #13. The last year tells two different stories: ESTC led by 50.2 percentage points, +0.5% for ESTC 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.
ESTC vs VXX: side by side
| ESTC (Elastic N.V.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.5% | -49.7% |
| 5-year return | -47.3% | -95.6% |
| Volatility (ann.) | 55.1% | 60.9% |
| Beta vs S&P 500 | 1.44 | -3.31 |
| Max drawdown (3Y) | -67.6% | -83.3% |
| Market cap | $8.7B | – |
| P/E (trailing) | 23.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTC | VXX |
|---|---|---|
| 2022 | -58.2% | -23.8% |
| 2023 | +118.8% | -72.5% |
| 2024 | -12.1% | -26.2% |
| 2025 | -23.9% | -42.2% |
| 2026 | +11.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and VXX good diversifiers for each other?
Yes. With a correlation of -0.33, ESTC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ESTC and VXX?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.29 over the last year and -0.37 over 5 years.
Is VXX a good diversifier for ESTC?
Yes. With a correlation of -0.33, ESTC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/estc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/estc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESTC correlations · VXX correlations
