ETO vs VXX: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.76, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and VXX?
Across a 3-year window, the weekly returns of ETO and VXX correlate at -0.76, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.76 over 1 year against -0.76 over 3. Stretching to 5 years gives -0.57, with an annualized covariance of -767.7 %².
VXX is close to the least connected end of ETO's tracked universe, ranking #38 of 38. Correlation aside, the last 12 months split them widely, with ETO ahead by 74.1 points (+24.4% versus -49.7%). One caveat on sizing: VXX is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ETO vs VXX: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.4% | -49.7% |
| 5-year return | +43.6% | -95.6% |
| Volatility (ann.) | 16.6% | 60.9% |
| Beta vs S&P 500 | 1.02 | -3.31 |
| Max drawdown (3Y) | -18.2% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | VXX |
|---|---|---|
| 2022 | -30.0% | -23.8% |
| 2023 | +21.5% | -72.5% |
| 2024 | +15.5% | -26.2% |
| 2025 | +29.9% | -42.2% |
| 2026 | +9.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and VXX good diversifiers for each other?
Yes. With a correlation of -0.76, ETO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ETO and VXX?
Using weekly returns as of 2026-08-27: -0.76 over 3 years, with -0.76 over the last year and -0.57 over 5 years.
Is VXX a good diversifier for ETO?
Yes. With a correlation of -0.76, ETO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.76 mean?
A reading of -0.76 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/eto-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eto-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETO correlations · VXX correlations
