ICLN vs VXX: Correlation
iShares Global Clean Energy ETF (ICLN) 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 -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and VXX?
Over the past 3 years, ICLN and VXX moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.47 over 1 year against -0.37 over 3. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -535.6 %².
Out of 78 assets tracked against ICLN, VXX lands near the bottom at #78. The last year tells two different stories: ICLN led by 75.3 percentage points, +25.6% for ICLN against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.5 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.
ICLN vs VXX: side by side
| ICLN (iShares Global Clean Energy ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.6% | -49.7% |
| 5-year return | -18.4% | -95.6% |
| Volatility (ann.) | 24.0% | 60.9% |
| Beta vs S&P 500 | 0.78 | -3.31 |
| Max drawdown (3Y) | -34.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.05% | 0.00% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | US Listed |
ICLN is a Miscellaneous Sector fund from iShares: $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield.
Year-by-year returns
| Year | ICLN | VXX |
|---|---|---|
| 2022 | -5.4% | -23.8% |
| 2023 | -20.4% | -72.5% |
| 2024 | -25.7% | -26.2% |
| 2025 | +47.0% | -42.2% |
| 2026 | +8.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and VXX good diversifiers for each other?
Yes. With a correlation of -0.37, ICLN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICLN and VXX?
The ICLN/VXX correlation stands at -0.37 on a 3-year window (1 year: -0.47, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ICLN?
Yes. With a correlation of -0.37, ICLN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
A reading of -0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · VXX correlations
