HRZN vs VXX: Correlation
Horizon Technology Finance Corporation (HRZN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRZN and VXX?
On 3 years of weekly data the HRZN/VXX correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.51) than the 3-year average (-0.40). The 5-year figure is -0.39, and annualized covariance runs at -803.4 %².
Among the 16 assets we track against HRZN, VXX sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with HRZN ahead by 35.1 points (-14.6% versus -49.7%). Risk is not evenly split, since VXX carries 1.9 times the volatility of the other side.
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.
HRZN vs VXX: side by side
| HRZN (Horizon Technology Finance Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -14.6% | -49.7% |
| 5-year return | -44.7% | -95.6% |
| Volatility (ann.) | 32.9% | 60.9% |
| Beta vs S&P 500 | 0.55 | -3.31 |
| Max drawdown (3Y) | -59.4% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 23.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRZN | VXX |
|---|---|---|
| 2022 | -19.7% | -23.8% |
| 2023 | +27.0% | -72.5% |
| 2024 | -22.9% | -26.2% |
| 2025 | -14.4% | -42.2% |
| 2026 | -14.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRZN and VXX good diversifiers for each other?
Yes. With a correlation of -0.40, HRZN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HRZN and VXX?
The HRZN/VXX correlation stands at -0.40 on a 3-year window (1 year: -0.51, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HRZN?
Yes. With a correlation of -0.40, HRZN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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/hrzn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hrzn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HRZN correlations · VXX correlations
