EWJ vs VXX: Correlation
How closely do iShares MSCI Japan ETF (EWJ) 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 -0.66, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and VXX?
Across a 3-year window, the weekly returns of EWJ and VXX correlate at -0.66, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.60) sits close to the 3-year figure. Stretching to 5 years gives -0.60, with an annualized covariance of -791.6 %².
Among the 70 assets we track against EWJ, VXX sits near the bottom by co-movement, at rank #70. Their recent paths diverged sharply: over the last 12 months EWJ outperformed by 76.8 percentage points (+27.1% for EWJ against -49.7% for VXX). One caveat on sizing: VXX is 3.1 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.
EWJ vs VXX: side by side
| EWJ (iShares MSCI Japan ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +27.1% | -49.7% |
| 5-year return | +58.6% | -95.6% |
| Volatility (ann.) | 19.6% | 60.9% |
| Beta vs S&P 500 | 0.94 | -3.31 |
| Max drawdown (3Y) | -14.7% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.86% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $21.8B | – |
| Sector / category | ETF · International | US Listed |
EWJ is a Japan Stock fund from iShares: $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | EWJ | VXX |
|---|---|---|
| 2022 | -17.7% | -23.8% |
| 2023 | +20.3% | -72.5% |
| 2024 | +7.0% | -26.2% |
| 2025 | +25.8% | -42.2% |
| 2026 | +19.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.66 means the two rarely move for the same reasons.
FAQ
What is the correlation between EWJ and VXX?
The EWJ/VXX correlation stands at -0.66 on a 3-year window (1 year: -0.60, 5 years: -0.60), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for EWJ?
By historical standards, yes. A correlation of -0.66 means the two rarely move for the same reasons.
What does a correlation of -0.66 mean?
On the −1 to +1 scale, -0.66 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/ewj-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · VXX correlations
