HTH vs VXX: Correlation
How closely do Hilltop Holdings Inc. (HTH) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTH and VXX?
Across a 3-year window, the weekly returns of HTH and VXX correlate at -0.45, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.45 over 3 years. Stretching to 5 years gives -0.43, with an annualized covariance of -656.3 %².
Among the 14 assets we track against HTH, VXX sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with HTH ahead by 61.5 points (+11.8% versus -49.7%). Note the risk asymmetry: VXX runs 2.5 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.
HTH vs VXX: side by side
| HTH (Hilltop Holdings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.8% | -49.7% |
| 5-year return | +29.0% | -95.6% |
| Volatility (ann.) | 24.1% | 60.9% |
| Beta vs S&P 500 | 0.61 | -3.31 |
| Max drawdown (3Y) | -21.8% | -83.3% |
| Market cap | $2.2B | – |
| P/E (trailing) | 14.3 | – |
| Dividend yield | 1.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTH | VXX |
|---|---|---|
| 2022 | -12.9% | -23.8% |
| 2023 | +19.8% | -72.5% |
| 2024 | -16.9% | -26.2% |
| 2025 | +21.3% | -42.2% |
| 2026 | +15.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTH and VXX good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HTH and VXX?
As of 2026-08-27, the correlation of weekly returns between HTH and VXX is -0.45 over 3 years, -0.23 over 1 year and -0.43 over 5 years.
Is VXX a good diversifier for HTH?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/hth-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hth-vs-vxx/)
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Related comparisons
Hubs: HTH correlations · VXX correlations
