IFF vs VXX: Correlation
International Flavors & Fragrances (IFF) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFF and VXX?
On 3 years of weekly data the IFF/VXX correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.27 over 3. The 5-year figure is -0.31, and annualized covariance runs at -477.7 %².
Out of 32 assets tracked against IFF, VXX lands near the bottom at #30. Their recent paths diverged sharply: over the last 12 months IFF outperformed by 82.9 percentage points (+33.2% for IFF against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.1 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.
IFF vs VXX: side by side
| IFF (International Flavors & Fragrances) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.2% | -49.7% |
| 5-year return | -34.3% | -95.6% |
| Volatility (ann.) | 29.5% | 60.9% |
| Beta vs S&P 500 | 0.69 | -3.31 |
| Max drawdown (3Y) | -42.6% | -83.3% |
| Market cap | $22.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.84% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | IFF | VXX |
|---|---|---|
| 2022 | -28.3% | -23.8% |
| 2023 | -19.5% | -72.5% |
| 2024 | +6.3% | -26.2% |
| 2025 | -18.4% | -42.2% |
| 2026 | +30.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFF and VXX good diversifiers for each other?
Yes. With a correlation of -0.27, IFF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IFF and VXX?
The IFF/VXX correlation stands at -0.27 on a 3-year window (1 year: -0.25, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for IFF?
Yes. With a correlation of -0.27, IFF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/iff-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iff-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IFF correlations · VXX correlations
