ICUI vs VXX: Correlation
ICU Medical, Inc. (ICUI) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICUI and VXX?
Over the past 3 years, ICUI and VXX moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -729.0 %².
VXX is close to the least connected end of ICUI's tracked universe, ranking #16 of 16. Their recent paths diverged sharply: over the last 12 months ICUI outperformed by 88.0 percentage points (+38.3% for ICUI against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.5 times the volatility of the other side.
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.
ICUI vs VXX: side by side
| ICUI (ICU Medical, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +38.3% | -49.7% |
| 5-year return | -12.5% | -95.6% |
| Volatility (ann.) | 39.5% | 60.9% |
| Beta vs S&P 500 | 0.84 | -3.31 |
| Max drawdown (3Y) | -45.1% | -83.3% |
| Market cap | $4.4B | – |
| P/E (trailing) | 150.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICUI | VXX |
|---|---|---|
| 2022 | -33.6% | -23.8% |
| 2023 | -36.7% | -72.5% |
| 2024 | +55.6% | -26.2% |
| 2025 | -8.1% | -42.2% |
| 2026 | +22.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICUI and VXX good diversifiers for each other?
Yes. With a correlation of -0.30, ICUI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICUI and VXX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.33 over the last year and -0.28 over 5 years.
Is VXX a good diversifier for ICUI?
Yes. With a correlation of -0.30, ICUI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 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/icui-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icui-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICUI correlations · VXX correlations
