HHH vs VXX: Correlation
How closely do Howard Hughes Holdings Inc. (HHH) 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 -0.53, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HHH and VXX?
On 3 years of weekly data the HHH/VXX correlation comes out at -0.53, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.53). The 5-year figure is -0.51, and annualized covariance runs at -948.5 %².
Out of 17 assets tracked against HHH, VXX lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months HHH outperformed by 35.5 percentage points (-14.2% for HHH against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.1 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.
HHH vs VXX: side by side
| HHH (Howard Hughes Holdings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -14.2% | -49.7% |
| 5-year return | -25.2% | -95.6% |
| Volatility (ann.) | 29.3% | 60.9% |
| Beta vs S&P 500 | 0.96 | -3.31 |
| Max drawdown (3Y) | -31.4% | -83.3% |
| Market cap | $3.9B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HHH | VXX |
|---|---|---|
| 2022 | -24.9% | -23.8% |
| 2023 | +11.9% | -72.5% |
| 2024 | -5.7% | -26.2% |
| 2025 | +3.7% | -42.2% |
| 2026 | -18.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HHH and VXX good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HHH and VXX?
As of 2026-08-27, the correlation of weekly returns between HHH and VXX is -0.53 over 3 years, -0.22 over 1 year and -0.51 over 5 years.
Is VXX a good diversifier for HHH?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 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/hhh-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hhh-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HHH correlations · VXX correlations
