ETN vs VXX: Correlation
Eaton Corporation (ETN) 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 -0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and VXX?
Across a 3-year window, the weekly returns of ETN and VXX correlate at -0.51, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.35) runs above the 3-year figure (-0.51). Stretching to 5 years gives -0.48, with an annualized covariance of -934.7 %².
Out of 44 assets tracked against ETN, VXX lands near the bottom at #43. The last year tells two different stories: ETN led by 69.4 percentage points, +19.7% for ETN against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.0 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.
ETN vs VXX: side by side
| ETN (Eaton Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.7% | -49.7% |
| 5-year return | +164.1% | -95.6% |
| Volatility (ann.) | 30.2% | 60.9% |
| Beta vs S&P 500 | 1.33 | -3.31 |
| Max drawdown (3Y) | -34.5% | -83.3% |
| Market cap | $161.6B | – |
| P/E (trailing) | 42.4 | – |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ETN | VXX |
|---|---|---|
| 2022 | -7.2% | -23.8% |
| 2023 | +56.2% | -72.5% |
| 2024 | +39.5% | -26.2% |
| 2025 | -2.8% | -42.2% |
| 2026 | +31.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and VXX good diversifiers for each other?
Yes. With a correlation of -0.51, ETN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ETN and VXX?
The ETN/VXX correlation stands at -0.51 on a 3-year window (1 year: -0.35, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ETN?
Yes. With a correlation of -0.51, ETN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.51 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/etn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETN correlations · VXX correlations
