HG vs VXX: Correlation
Hamilton Insurance Group, Ltd. Class B (HG) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HG and VXX?
Over the past 3 years, HG and VXX moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.26). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -472.4 %².
Among the 12 assets we track against HG, VXX sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with HG ahead by 105.3 points (+55.6% versus -49.7%). One caveat on sizing: VXX is 2.0 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.
HG vs VXX: side by side
| HG (Hamilton Insurance Group, Ltd. Class B) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +55.6% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 30.1% | 60.9% |
| Beta vs S&P 500 | 0.12 | -3.31 |
| Max drawdown (3Y) | -21.1% | -83.3% |
| Market cap | $3.5B | – |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HG | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | – | -72.5% |
| 2024 | +27.3% | -26.2% |
| 2025 | +46.6% | -42.2% |
| 2026 | +35.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HG and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between HG and VXX?
The HG/VXX correlation stands at -0.26 on a 3-year window (1 year: -0.05, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HG?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HG correlations · VXX correlations
