HL vs VXX: Correlation
Measured on weekly returns over the past three years, Hecla Mining Company (HL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HL and VXX?
Over the past 3 years, HL and VXX moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -1258.6 %².
Out of 16 assets tracked against HL, VXX lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months HL outperformed by 216.8 percentage points (+167.1% for HL against -49.7% for VXX).
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.
HL vs VXX: side by side
| HL (Hecla Mining Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +167.1% | -49.7% |
| 5-year return | +265.0% | -95.6% |
| Volatility (ann.) | 66.9% | 60.9% |
| Beta vs S&P 500 | 1.50 | -3.31 |
| Max drawdown (3Y) | -55.8% | -83.3% |
| Market cap | $14.4B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HL | VXX |
|---|---|---|
| 2022 | +7.0% | -23.8% |
| 2023 | -13.0% | -72.5% |
| 2024 | +2.8% | -26.2% |
| 2025 | +291.8% | -42.2% |
| 2026 | +11.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HL and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, HL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HL and VXX?
The HL/VXX correlation stands at -0.31 on a 3-year window (1 year: -0.39, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HL?
Yes. With a correlation of -0.31, HL 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/hl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HL correlations · VXX correlations
