EXE vs VXX: Correlation
Measured on weekly returns over the past three years, Expand Energy (EXE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXE and VXX?
Over the past 3 years, EXE and VXX moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.06) runs above the 3-year figure (-0.25). Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -425.6 %².
Among the 32 assets we track against EXE, VXX sits near the bottom by co-movement, at rank #31. Their recent paths diverged sharply: over the last 12 months EXE outperformed by 54.9 percentage points (+5.2% for EXE against -49.7% for VXX). One caveat on sizing: VXX is 2.2 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.
EXE vs VXX: side by side
| EXE (Expand Energy) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.2% | -49.7% |
| 5-year return | +125.8% | -95.6% |
| Volatility (ann.) | 28.2% | 60.9% |
| Beta vs S&P 500 | 0.31 | -3.31 |
| Max drawdown (3Y) | -28.4% | -83.3% |
| Market cap | $22.7B | – |
| P/E (trailing) | 8.3 | – |
| Dividend yield | 3.30% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EXE | VXX |
|---|---|---|
| 2022 | +62.3% | -23.8% |
| 2023 | -14.8% | -72.5% |
| 2024 | +33.2% | -26.2% |
| 2025 | +14.4% | -42.2% |
| 2026 | -9.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXE and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between EXE and VXX?
The EXE/VXX correlation stands at -0.25 on a 3-year window (1 year: 0.06, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for EXE?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/exe-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exe-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXE correlations · VXX correlations
