HNNA vs VXX: Correlation
How closely do Hennessy Advisors, Inc. (HNNA) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNNA and VXX?
On 3 years of weekly data the HNNA/VXX correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.06) than the 3-year average (-0.24). The 5-year figure is -0.21, and annualized covariance runs at -411.2 %².
VXX is close to the least connected end of HNNA's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with HNNA ahead by 42.3 points (-7.4% versus -49.7%). One caveat on sizing: VXX is 2.1 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.
HNNA vs VXX: side by side
| HNNA (Hennessy Advisors, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.4% | -49.7% |
| 5-year return | +35.8% | -95.6% |
| Volatility (ann.) | 28.4% | 60.9% |
| Beta vs S&P 500 | 0.37 | -3.31 |
| Max drawdown (3Y) | -34.0% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 5.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNNA | VXX |
|---|---|---|
| 2022 | -16.8% | -23.8% |
| 2023 | -13.8% | -72.5% |
| 2024 | +103.3% | -26.2% |
| 2025 | -20.8% | -42.2% |
| 2026 | +8.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNNA and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between HNNA and VXX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.06 over the last year and -0.21 over 5 years.
Is VXX a good diversifier for HNNA?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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/hnna-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hnna-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HNNA correlations · VXX correlations
