FXI vs VXX: Correlation
How closely do iShares China Large-Cap ETF (FXI) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and VXX?
Over the past 3 years, FXI and VXX moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.35). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -539.7 %².
VXX is close to the least connected end of FXI's tracked universe, ranking #74 of 74. Their recent paths diverged sharply: over the last 12 months FXI outperformed by 43.6 percentage points (-6.1% for FXI against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.4 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.
FXI vs VXX: side by side
| FXI (iShares China Large-Cap ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.1% | -49.7% |
| 5-year return | -1.4% | -95.6% |
| Volatility (ann.) | 25.3% | 60.9% |
| Beta vs S&P 500 | 0.68 | -3.31 |
| Max drawdown (3Y) | -23.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.87% | 0.00% |
| Expense ratio | 0.73% | – |
| Assets under management | $4.3B | – |
| Sector / category | ETF · International | US Listed |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | FXI | VXX |
|---|---|---|
| 2022 | -20.7% | -23.8% |
| 2023 | -12.4% | -72.5% |
| 2024 | +29.0% | -26.2% |
| 2025 | +28.9% | -42.2% |
| 2026 | -7.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and VXX good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FXI and VXX?
The FXI/VXX correlation stands at -0.35 on a 3-year window (1 year: -0.47, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for FXI?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 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/fxi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fxi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FXI correlations · VXX correlations
