HRI vs VXX: Correlation
Measured on weekly returns over the past three years, Herc Holdings Inc. (HRI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRI and VXX?
Over the past 3 years, HRI and VXX moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.42 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -1398.4 %².
VXX is close to the least connected end of HRI's tracked universe, ranking #13 of 14. Correlation aside, the last 12 months split them widely, with HRI ahead by 68.6 points (+18.9% versus -49.7%).
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.
HRI vs VXX: side by side
| HRI (Herc Holdings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.9% | -49.7% |
| 5-year return | +27.3% | -95.6% |
| Volatility (ann.) | 54.2% | 60.9% |
| Beta vs S&P 500 | 1.68 | -3.31 |
| Max drawdown (3Y) | -60.9% | -83.3% |
| Market cap | $5.2B | – |
| P/E (trailing) | 92.0 | – |
| Dividend yield | 1.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRI | VXX |
|---|---|---|
| 2022 | -14.4% | -23.8% |
| 2023 | +15.5% | -72.5% |
| 2024 | +29.4% | -26.2% |
| 2025 | -20.1% | -42.2% |
| 2026 | +5.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRI and VXX good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HRI and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.26 over the last year and -0.44 over 5 years.
Is VXX a good diversifier for HRI?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/hri-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hri-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HRI correlations · VXX correlations
