EXLS vs VXX: Correlation
ExlService Holdings, Inc. (EXLS) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and VXX?
Over the past 3 years, EXLS and VXX moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.27). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -526.4 %².
Out of 47 assets tracked against EXLS, VXX lands near the bottom at #45. Their recent paths diverged sharply: over the last 12 months EXLS outperformed by 36.3 percentage points (-13.4% for EXLS against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.9 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.
EXLS vs VXX: side by side
| EXLS (ExlService Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.4% | -49.7% |
| 5-year return | +55.2% | -95.6% |
| Volatility (ann.) | 31.7% | 60.9% |
| Beta vs S&P 500 | 0.77 | -3.31 |
| Max drawdown (3Y) | -51.3% | -83.3% |
| Market cap | $5.8B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXLS | VXX |
|---|---|---|
| 2022 | +17.0% | -23.8% |
| 2023 | -9.0% | -72.5% |
| 2024 | +43.9% | -26.2% |
| 2025 | -4.4% | -42.2% |
| 2026 | -10.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and VXX good diversifiers for each other?
Yes. With a correlation of -0.27, EXLS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXLS and VXX?
The EXLS/VXX correlation stands at -0.27 on a 3-year window (1 year: -0.14, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for EXLS?
Yes. With a correlation of -0.27, EXLS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/exls-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exls-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXLS correlations · VXX correlations
