HFWA vs VXX: Correlation
How closely do Heritage Financial Corporation (HFWA) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HFWA and VXX?
On 3 years of weekly data the HFWA/VXX correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.26) than the 3-year average (-0.39). The 5-year figure is -0.35, and annualized covariance runs at -728.0 %².
Out of 14 assets tracked against HFWA, VXX lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with HFWA ahead by 70.5 points (+20.8% versus -49.7%). Note the risk asymmetry: VXX runs 2.0 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.
HFWA vs VXX: side by side
| HFWA (Heritage Financial Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.8% | -49.7% |
| 5-year return | +38.4% | -95.6% |
| Volatility (ann.) | 30.5% | 60.9% |
| Beta vs S&P 500 | 0.66 | -3.31 |
| Max drawdown (3Y) | -22.4% | -83.3% |
| Market cap | $1.2B | – |
| P/E (trailing) | 13.7 | – |
| Dividend yield | 3.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HFWA | VXX |
|---|---|---|
| 2022 | +29.3% | -23.8% |
| 2023 | -26.9% | -72.5% |
| 2024 | +19.8% | -26.2% |
| 2025 | +0.6% | -42.2% |
| 2026 | +24.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HFWA and VXX good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HFWA and VXX?
As of 2026-08-27, the correlation of weekly returns between HFWA and VXX is -0.39 over 3 years, -0.26 over 1 year and -0.35 over 5 years.
Is VXX a good diversifier for HFWA?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 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/hfwa-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hfwa-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HFWA correlations · VXX correlations
