HTGC vs VXX: Correlation
How closely do Hercules Capital, Inc. (HTGC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.57, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTGC and VXX?
Across a 3-year window, the weekly returns of HTGC and VXX correlate at -0.57, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.33) than the 3-year average (-0.57). Stretching to 5 years gives -0.46, with an annualized covariance of -774.5 %².
VXX is close to the least connected end of HTGC's tracked universe, ranking #16 of 16. The last year tells two different stories: HTGC led by 51.1 percentage points, +1.4% for HTGC against -49.7% for VXX. One caveat on sizing: VXX is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HTGC vs VXX: side by side
| HTGC (Hercules Capital, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.4% | -49.7% |
| 5-year return | +82.3% | -95.6% |
| Volatility (ann.) | 22.4% | 60.9% |
| Beta vs S&P 500 | 0.79 | -3.31 |
| Max drawdown (3Y) | -28.0% | -83.3% |
| Market cap | $3.3B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 9.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTGC | VXX |
|---|---|---|
| 2022 | -9.5% | -23.8% |
| 2023 | +42.9% | -72.5% |
| 2024 | +32.8% | -26.2% |
| 2025 | +3.5% | -42.2% |
| 2026 | +1.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTGC and VXX good diversifiers for each other?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HTGC and VXX?
The HTGC/VXX correlation stands at -0.57 on a 3-year window (1 year: -0.33, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HTGC?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.57 mean?
On the −1 to +1 scale, -0.57 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/htgc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/htgc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HTGC correlations · VXX correlations
