HQY vs VXX: Correlation
Measured on weekly returns over the past three years, HealthEquity, Inc. (HQY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQY and VXX?
Over the past 3 years, HQY and VXX moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.27 over 3 years. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -533.0 %².
Out of 14 assets tracked against HQY, VXX lands near the bottom at #14. The last year tells two different stories: HQY led by 55.8 percentage points, +6.1% for HQY against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.9 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.
HQY vs VXX: side by side
| HQY (HealthEquity, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.1% | -49.7% |
| 5-year return | +45.4% | -95.6% |
| Volatility (ann.) | 32.9% | 60.9% |
| Beta vs S&P 500 | 0.63 | -3.31 |
| Max drawdown (3Y) | -36.1% | -83.3% |
| Market cap | $7.7B | – |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQY | VXX |
|---|---|---|
| 2022 | +39.3% | -23.8% |
| 2023 | +7.6% | -72.5% |
| 2024 | +44.7% | -26.2% |
| 2025 | -4.5% | -42.2% |
| 2026 | +1.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQY and VXX good diversifiers for each other?
Yes. With a correlation of -0.27, HQY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HQY and VXX?
The HQY/VXX correlation stands at -0.27 on a 3-year window (1 year: -0.06, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HQY?
Yes. With a correlation of -0.27, HQY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hqy-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hqy-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HQY correlations · VXX correlations
