HWBK vs VXX: Correlation
Measured on weekly returns over the past three years, Hawthorn Bancshares, Inc. (HWBK) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWBK and VXX?
Over the past 3 years, HWBK and VXX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.14 lands near the 3-year figure. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -481.8 %².
Out of 12 assets tracked against HWBK, VXX lands near the bottom at #12. The last year tells two different stories: HWBK led by 71.1 percentage points, +21.4% for HWBK against -49.7% for VXX. Risk is not evenly split, since VXX carries 1.8 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.
HWBK vs VXX: side by side
| HWBK (Hawthorn Bancshares, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.4% | -49.7% |
| 5-year return | +114.2% | -95.6% |
| Volatility (ann.) | 33.4% | 60.9% |
| Beta vs S&P 500 | 0.50 | -3.31 |
| Max drawdown (3Y) | -27.9% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 2.10% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWBK | VXX |
|---|---|---|
| 2022 | -10.3% | -23.8% |
| 2023 | +25.6% | -72.5% |
| 2024 | +15.4% | -26.2% |
| 2025 | +26.3% | -42.2% |
| 2026 | +13.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWBK and VXX good diversifiers for each other?
Yes. With a correlation of -0.24, HWBK and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HWBK and VXX?
As of 2026-08-27, the correlation of weekly returns between HWBK and VXX is -0.24 over 3 years, -0.14 over 1 year and -0.24 over 5 years.
Is VXX a good diversifier for HWBK?
Yes. With a correlation of -0.24, HWBK and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hwbk-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwbk-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: HWBK correlations · VXX correlations
