HEI vs VXX: Correlation
How closely do Heico Corporation (HEI) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HEI and VXX?
Over the past 3 years, HEI and VXX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.47 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -689.6 %².
Among the 12 assets we track against HEI, VXX sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months HEI outperformed by 56.2 percentage points (+6.5% for HEI 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.
HEI vs VXX: side by side
| HEI (Heico Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.5% | -49.7% |
| 5-year return | +169.4% | -95.6% |
| Volatility (ann.) | 27.5% | 60.9% |
| Beta vs S&P 500 | 0.85 | -3.31 |
| Max drawdown (3Y) | -27.1% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 57.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HEI | VXX |
|---|---|---|
| 2022 | +6.7% | -23.8% |
| 2023 | +16.6% | -72.5% |
| 2024 | +33.1% | -26.2% |
| 2025 | +36.2% | -42.2% |
| 2026 | +4.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HEI and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between HEI and VXX?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.47 over the last year and -0.41 over 5 years.
Is VXX a good diversifier for HEI?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
A reading of -0.41 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/hei-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hei-vs-vxx/)
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Related comparisons
Hubs: HEI correlations · VXX correlations
