HXL vs VXX: Correlation
Hexcel Corporation (HXL) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HXL and VXX?
Across a 3-year window, the weekly returns of HXL and VXX correlate at -0.47, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.47 over 3 years. Stretching to 5 years gives -0.47, with an annualized covariance of -864.5 %².
Out of 10 assets tracked against HXL, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months HXL outperformed by 99.8 percentage points (+50.1% for HXL against -49.7% for VXX). One caveat on sizing: VXX is 2.0 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.
HXL vs VXX: side by side
| HXL (Hexcel Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +50.1% | -49.7% |
| 5-year return | +74.4% | -95.6% |
| Volatility (ann.) | 30.4% | 60.9% |
| Beta vs S&P 500 | 1.15 | -3.31 |
| Max drawdown (3Y) | -37.8% | -83.3% |
| Market cap | $7.2B | – |
| P/E (trailing) | 47.8 | – |
| Dividend yield | 0.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HXL | VXX |
|---|---|---|
| 2022 | +14.4% | -23.8% |
| 2023 | +26.2% | -72.5% |
| 2024 | -14.2% | -26.2% |
| 2025 | +19.2% | -42.2% |
| 2026 | +28.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HXL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between HXL and VXX?
As of 2026-08-27, the correlation of weekly returns between HXL and VXX is -0.47 over 3 years, -0.26 over 1 year and -0.47 over 5 years.
Is VXX a good diversifier for HXL?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 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/hxl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hxl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HXL correlations · VXX correlations
