IBN vs VXX: Correlation
How closely do ICICI Bank Limited (IBN) 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 -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBN and VXX?
On 3 years of weekly data the IBN/VXX correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is -0.42, and annualized covariance runs at -414.5 %².
Out of 12 assets tracked against IBN, VXX lands near the bottom at #10. The last year tells two different stories: IBN led by 43.9 percentage points, -5.8% for IBN against -49.7% for VXX. One caveat on sizing: VXX is 3.0 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.
IBN vs VXX: side by side
| IBN (ICICI Bank Limited) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.8% | -49.7% |
| 5-year return | +60.9% | -95.6% |
| Volatility (ann.) | 20.2% | 60.9% |
| Beta vs S&P 500 | 0.46 | -3.31 |
| Max drawdown (3Y) | -26.2% | -83.3% |
| Market cap | $107.1B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBN | VXX |
|---|---|---|
| 2022 | +11.3% | -23.8% |
| 2023 | +9.8% | -72.5% |
| 2024 | +26.3% | -26.2% |
| 2025 | +0.6% | -42.2% |
| 2026 | +1.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBN and VXX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IBN and VXX?
As of 2026-08-27, the correlation of weekly returns between IBN and VXX is -0.34 over 3 years, -0.30 over 1 year and -0.42 over 5 years.
Is VXX a good diversifier for IBN?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 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/ibn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IBN correlations · VXX correlations
