HYG vs VXX: Correlation
Measured on weekly returns over the past three years, iShares iBoxx High Yield Corporate Bond ETF (HYG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.63, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and VXX?
Over the past 3 years, HYG and VXX moved with a correlation of -0.63, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.67 lands near the 3-year figure. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -180.2 %².
VXX is close to the least connected end of HYG's tracked universe, ranking #45 of 46. Correlation aside, the last 12 months split them widely, with HYG ahead by 54.3 points (+4.6% versus -49.7%). Note the risk asymmetry: VXX runs 13.0 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.
HYG vs VXX: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.6% | -49.7% |
| 5-year return | +19.9% | -95.6% |
| Volatility (ann.) | 4.7% | 60.9% |
| Beta vs S&P 500 | 0.22 | -3.31 |
| Max drawdown (3Y) | -4.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.94% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $17.1B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, HYG sits in the High Yield Bond category at iShares, with $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | HYG | VXX |
|---|---|---|
| 2022 | -11.0% | -23.8% |
| 2023 | +11.5% | -72.5% |
| 2024 | +8.0% | -26.2% |
| 2025 | +8.6% | -42.2% |
| 2026 | +2.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
FAQ
What is the correlation between HYG and VXX?
As of 2026-08-27, the correlation of weekly returns between HYG and VXX is -0.63 over 3 years, -0.67 over 1 year and -0.49 over 5 years.
Is VXX a good diversifier for HYG?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
What does a correlation of -0.63 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/hyg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hyg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HYG correlations · VXX correlations
