HOG vs VXX: Correlation
Measured on weekly returns over the past three years, Harley-Davidson, Inc. (HOG) 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 HOG and VXX?
On 3 years of weekly data the HOG/VXX correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.31 over 3 years. The 5-year figure is -0.34, and annualized covariance runs at -649.7 %².
Among the 10 assets we track against HOG, VXX sits near the bottom by co-movement, at rank #9. The last year tells two different stories: HOG led by 48.3 percentage points, -1.4% for HOG against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HOG vs VXX: side by side
| HOG (Harley-Davidson, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.4% | -49.7% |
| 5-year return | -22.1% | -95.6% |
| Volatility (ann.) | 34.2% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -58.7% | -83.3% |
| Market cap | $2.9B | – |
| P/E (trailing) | 15.5 | – |
| Dividend yield | 2.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HOG | VXX |
|---|---|---|
| 2022 | +12.1% | -23.8% |
| 2023 | -9.8% | -72.5% |
| 2024 | -16.6% | -26.2% |
| 2025 | -30.1% | -42.2% |
| 2026 | +38.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOG and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, HOG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HOG and VXX?
The HOG/VXX correlation stands at -0.31 on a 3-year window (1 year: -0.14, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HOG?
Yes. With a correlation of -0.31, HOG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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/hog-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hog-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HOG correlations · VXX correlations
