HGLB vs VXX: Correlation
How closely do Highland Global Allocation Fund (HGLB) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and VXX?
On 3 years of weekly data the HGLB/VXX correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.50 over 1 year against -0.42 over 3. The 5-year figure is -0.35, and annualized covariance runs at -660.9 %².
VXX is close to the least connected end of HGLB's tracked universe, ranking #13 of 14. Correlation aside, the last 12 months split them widely, with HGLB ahead by 50.7 points (+1.0% versus -49.7%). Risk is not evenly split, since VXX carries 2.3 times the volatility of the other side.
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.
HGLB vs VXX: side by side
| HGLB (Highland Global Allocation Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.0% | -49.7% |
| 5-year return | +36.3% | -95.6% |
| Volatility (ann.) | 26.1% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -24.1% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGLB | VXX |
|---|---|---|
| 2022 | +14.5% | -23.8% |
| 2023 | -6.1% | -72.5% |
| 2024 | -1.5% | -26.2% |
| 2025 | +51.7% | -42.2% |
| 2026 | -10.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between HGLB and VXX?
As of 2026-08-27, the correlation of weekly returns between HGLB and VXX is -0.42 over 3 years, -0.50 over 1 year and -0.35 over 5 years.
Is VXX a good diversifier for HGLB?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 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/hglb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hglb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HGLB correlations · VXX correlations
