HP vs VXX: Correlation
Measured on weekly returns over the past three years, Helmerich & Payne, Inc. (HP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and VXX?
Across a 3-year window, the weekly returns of HP and VXX correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.30). Stretching to 5 years gives -0.32, with an annualized covariance of -805.8 %².
Among the 18 assets we track against HP, VXX sits near the bottom by co-movement, at rank #18. The last year tells two different stories: HP led by 170.5 percentage points, +120.8% for HP 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.
HP vs VXX: side by side
| HP (Helmerich & Payne, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +120.8% | -49.7% |
| 5-year return | +92.0% | -95.6% |
| Volatility (ann.) | 44.3% | 60.9% |
| Beta vs S&P 500 | 0.76 | -3.31 |
| Max drawdown (3Y) | -64.4% | -83.3% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HP | VXX |
|---|---|---|
| 2022 | +115.2% | -23.8% |
| 2023 | -23.2% | -72.5% |
| 2024 | -7.8% | -26.2% |
| 2025 | -6.3% | -42.2% |
| 2026 | +50.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between HP and VXX?
The HP/VXX correlation stands at -0.30 on a 3-year window (1 year: -0.14, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HP?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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/hp-vs-vxx.json
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Related comparisons
Hubs: HP correlations · VXX correlations
