HWM vs VXX: Correlation
How closely do Howmet Aerospace (HWM) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and VXX?
Over the past 3 years, HWM and VXX moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.30) runs above the 3-year figure (-0.42). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -819.6 %².
Out of 35 assets tracked against HWM, VXX lands near the bottom at #33. Their recent paths diverged sharply: over the last 12 months HWM outperformed by 102.4 percentage points (+52.7% for HWM against -49.7% for VXX). 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.
HWM vs VXX: side by side
| HWM (Howmet Aerospace) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +52.7% | -49.7% |
| 5-year return | +754.4% | -95.6% |
| Volatility (ann.) | 32.1% | 60.9% |
| Beta vs S&P 500 | 1.24 | -3.31 |
| Max drawdown (3Y) | -19.4% | -83.3% |
| Market cap | $106.7B | – |
| P/E (trailing) | 58.2 | – |
| Dividend yield | 0.18% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | HWM | VXX |
|---|---|---|
| 2022 | +24.2% | -23.8% |
| 2023 | +37.8% | -72.5% |
| 2024 | +102.7% | -26.2% |
| 2025 | +88.0% | -42.2% |
| 2026 | +30.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and VXX good diversifiers for each other?
Yes. With a correlation of -0.42, HWM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HWM and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.30 over the last year and -0.44 over 5 years.
Is VXX a good diversifier for HWM?
Yes. With a correlation of -0.42, HWM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 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/hwm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HWM correlations · VXX correlations
