HMN vs VXX: Correlation
Measured on weekly returns over the past three years, Horace Mann Educators Corporation (HMN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMN and VXX?
On 3 years of weekly data the HMN/VXX correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.28). The 5-year figure is -0.27, and annualized covariance runs at -342.3 %².
Out of 11 assets tracked against HMN, VXX lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with HMN ahead by 65.6 points (+15.9% versus -49.7%). One caveat on sizing: VXX is 3.0 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.
HMN vs VXX: side by side
| HMN (Horace Mann Educators Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.9% | -49.7% |
| 5-year return | +48.6% | -95.6% |
| Volatility (ann.) | 20.0% | 60.9% |
| Beta vs S&P 500 | 0.26 | -3.31 |
| Max drawdown (3Y) | -17.1% | -83.3% |
| Market cap | $2.1B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 2.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HMN | VXX |
|---|---|---|
| 2022 | -0.1% | -23.8% |
| 2023 | -8.8% | -72.5% |
| 2024 | +24.6% | -26.2% |
| 2025 | +21.5% | -42.2% |
| 2026 | +12.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMN and VXX good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HMN and VXX?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.09 over the last year and -0.27 over 5 years.
Is VXX a good diversifier for HMN?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/hmn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hmn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HMN correlations · VXX correlations
