IBOC vs VXX: Correlation
How closely do International Bancshares Corporation (IBOC) 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 -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBOC and VXX?
Over the past 3 years, IBOC and VXX moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.50). Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -822.4 %².
Out of 14 assets tracked against IBOC, VXX lands near the bottom at #13. The last year tells two different stories: IBOC led by 48.8 percentage points, -0.9% for IBOC against -49.7% for VXX. One caveat on sizing: VXX is 2.3 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.
IBOC vs VXX: side by side
| IBOC (International Bancshares Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.9% | -49.7% |
| 5-year return | +91.3% | -95.6% |
| Volatility (ann.) | 26.9% | 60.9% |
| Beta vs S&P 500 | 0.77 | -3.31 |
| Max drawdown (3Y) | -24.1% | -83.3% |
| Market cap | $4.4B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 2.02% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBOC | VXX |
|---|---|---|
| 2022 | +10.9% | -23.8% |
| 2023 | +22.0% | -72.5% |
| 2024 | +19.1% | -26.2% |
| 2025 | +7.4% | -42.2% |
| 2026 | +8.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBOC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between IBOC and VXX?
As of 2026-08-27, the correlation of weekly returns between IBOC and VXX is -0.50 over 3 years, -0.15 over 1 year and -0.47 over 5 years.
Is VXX a good diversifier for IBOC?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 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/iboc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iboc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IBOC correlations · VXX correlations
