HY vs VXX: Correlation
Hyster-Yale, Inc. (HY) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HY and VXX?
On 3 years of weekly data the HY/VXX correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -829.4 %².
VXX is close to the least connected end of HY's tracked universe, ranking #13 of 14. Their recent paths diverged sharply: over the last 12 months HY outperformed by 43.4 percentage points (-6.3% for HY against -49.7% for VXX).
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.
HY vs VXX: side by side
| HY (Hyster-Yale, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.3% | -49.7% |
| 5-year return | -30.4% | -95.6% |
| Volatility (ann.) | 45.8% | 60.9% |
| Beta vs S&P 500 | 1.17 | -3.31 |
| Max drawdown (3Y) | -66.4% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HY | VXX |
|---|---|---|
| 2022 | -35.9% | -23.8% |
| 2023 | +153.4% | -72.5% |
| 2024 | -16.3% | -26.2% |
| 2025 | -39.5% | -42.2% |
| 2026 | +19.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HY and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between HY and VXX?
As of 2026-08-27, the correlation of weekly returns between HY and VXX is -0.30 over 3 years, -0.25 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for HY?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/hy-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hy-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HY correlations · VXX correlations
