HESM vs VXX: Correlation
How closely do Hess Midstream LP Class A Representing Limited Partner (HESM) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HESM and VXX?
On 3 years of weekly data the HESM/VXX correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.05) than the 3-year average (-0.31). The 5-year figure is -0.30, and annualized covariance runs at -408.8 %².
Among the 10 assets we track against HESM, VXX sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months HESM outperformed by 54.3 percentage points (+4.6% for HESM against -49.7% for VXX). One caveat on sizing: VXX is 2.8 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.
HESM vs VXX: side by side
| HESM (Hess Midstream LP Class A Representing Limited Partner) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.6% | -49.7% |
| 5-year return | +131.3% | -95.6% |
| Volatility (ann.) | 21.7% | 60.9% |
| Beta vs S&P 500 | 0.36 | -3.31 |
| Max drawdown (3Y) | -25.8% | -83.3% |
| Market cap | $8.2B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HESM | VXX |
|---|---|---|
| 2022 | +16.6% | -23.8% |
| 2023 | +14.4% | -72.5% |
| 2024 | +26.4% | -26.2% |
| 2025 | +0.6% | -42.2% |
| 2026 | +22.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HESM and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, HESM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HESM and VXX?
The HESM/VXX correlation stands at -0.31 on a 3-year window (1 year: 0.05, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HESM?
Yes. With a correlation of -0.31, HESM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/hesm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hesm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HESM correlations · VXX correlations
