IEMG vs VXX: Correlation
How closely do iShares Core MSCI Emerging Markets ETF (IEMG) 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 -0.60, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and VXX?
Over the past 3 years, IEMG and VXX moved with a correlation of -0.60, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.68 lands near the 3-year figure. Over 5 years the correlation is -0.56, and the annualized covariance of weekly returns is -633.0 %².
VXX is close to the least connected end of IEMG's tracked universe, ranking #68 of 68. Their recent paths diverged sharply: over the last 12 months IEMG outperformed by 85.7 percentage points (+36.0% for IEMG against -49.7% for VXX). One caveat on sizing: VXX is 3.5 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.
IEMG vs VXX: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.0% | -49.7% |
| 5-year return | +50.7% | -95.6% |
| Volatility (ann.) | 17.4% | 60.9% |
| Beta vs S&P 500 | 0.84 | -3.31 |
| Max drawdown (3Y) | -17.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.31% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $152.2B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, IEMG sits in the Diversified Emerging Mkts category at iShares, with $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | IEMG | VXX |
|---|---|---|
| 2022 | -20.0% | -23.8% |
| 2023 | +11.5% | -72.5% |
| 2024 | +6.5% | -26.2% |
| 2025 | +32.6% | -42.2% |
| 2026 | +23.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and VXX good diversifiers for each other?
Yes. With a correlation of -0.60, IEMG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IEMG and VXX?
As of 2026-08-27, the correlation of weekly returns between IEMG and VXX is -0.60 over 3 years, -0.68 over 1 year and -0.56 over 5 years.
Is VXX a good diversifier for IEMG?
Yes. With a correlation of -0.60, IEMG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.60 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/iemg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iemg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEMG correlations · VXX correlations
