EXG vs VXX: Correlation
How closely do Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) 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 -0.75, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXG and VXX?
Over the past 3 years, EXG and VXX moved with a correlation of -0.75, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.75) sits close to the 3-year figure. Over 5 years the correlation is -0.66, and the annualized covariance of weekly returns is -690.3 %².
Among the 32 assets we track against EXG, VXX sits near the bottom by co-movement, at rank #32. Correlation aside, the last 12 months split them widely, with EXG ahead by 71.7 points (+22.0% versus -49.7%). Note the risk asymmetry: VXX runs 4.1 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.
EXG vs VXX: side by side
| EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.0% | -49.7% |
| 5-year return | +45.8% | -95.6% |
| Volatility (ann.) | 15.0% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -15.1% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXG | VXX |
|---|---|---|
| 2022 | -22.2% | -23.8% |
| 2023 | +11.4% | -72.5% |
| 2024 | +16.1% | -26.2% |
| 2025 | +27.8% | -42.2% |
| 2026 | +10.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXG and VXX good diversifiers for each other?
Yes. With a correlation of -0.75, EXG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXG and VXX?
As of 2026-08-27, the correlation of weekly returns between EXG and VXX is -0.75 over 3 years, -0.75 over 1 year and -0.66 over 5 years.
Is VXX a good diversifier for EXG?
Yes. With a correlation of -0.75, EXG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.75 mean?
On the −1 to +1 scale, -0.75 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/exg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXG correlations · VXX correlations
