ICL vs VXX: Correlation
ICL Group Ltd. (ICL) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICL and VXX?
Across a 3-year window, the weekly returns of ICL and VXX correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.24). Stretching to 5 years gives -0.27, with an annualized covariance of -563.1 %².
Among the 10 assets we track against ICL, VXX sits near the bottom by co-movement, at rank #9. The last year tells two different stories: ICL led by 39.1 percentage points, -10.6% for ICL against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.6 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.
ICL vs VXX: side by side
| ICL (ICL Group Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.6% | -49.7% |
| 5-year return | +2.5% | -95.6% |
| Volatility (ann.) | 37.8% | 60.9% |
| Beta vs S&P 500 | 0.81 | -3.31 |
| Max drawdown (3Y) | -35.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 3.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICL | VXX |
|---|---|---|
| 2022 | -16.9% | -23.8% |
| 2023 | -27.2% | -72.5% |
| 2024 | +2.8% | -26.2% |
| 2025 | +17.1% | -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 ICL and VXX good diversifiers for each other?
Yes. With a correlation of -0.24, ICL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICL and VXX?
As of 2026-08-27, the correlation of weekly returns between ICL and VXX is -0.24 over 3 years, -0.04 over 1 year and -0.27 over 5 years.
Is VXX a good diversifier for ICL?
Yes. With a correlation of -0.24, ICL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/icl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICL correlations · VXX correlations
