FAX vs VXX: Correlation
abrdn Asia-Pacific Income Fund, Inc. (FAX) 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 -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAX and VXX?
Across a 3-year window, the weekly returns of FAX and VXX correlate at -0.43, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.62) runs below the 3-year figure (-0.43). Stretching to 5 years gives -0.34, with an annualized covariance of -374.5 %².
VXX is close to the least connected end of FAX's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months FAX outperformed by 52.0 percentage points (+2.3% for FAX against -49.7% for VXX). One caveat on sizing: VXX is 4.3 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.
FAX vs VXX: side by side
| FAX (abrdn Asia-Pacific Income Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.3% | -49.7% |
| 5-year return | +5.2% | -95.6% |
| Volatility (ann.) | 14.2% | 60.9% |
| Beta vs S&P 500 | 0.40 | -3.31 |
| Max drawdown (3Y) | -13.2% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 13.58% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FAX | VXX |
|---|---|---|
| 2022 | -22.7% | -23.8% |
| 2023 | +16.8% | -72.5% |
| 2024 | +2.5% | -26.2% |
| 2025 | +18.2% | -42.2% |
| 2026 | +3.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FAX and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between FAX and VXX?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.62 over the last year and -0.34 over 5 years.
Is VXX a good diversifier for FAX?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/fax-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fax-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FAX correlations · VXX correlations
