IIF vs VXX: Correlation
Measured on weekly returns over the past three years, Morgan Stanley India Investment Fund, Inc. (IIF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIF and VXX?
Over the past 3 years, IIF and VXX moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.50 over 1 year against -0.43 over 3. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -450.6 %².
Out of 14 assets tracked against IIF, VXX lands near the bottom at #14. The last year tells two different stories: IIF led by 43.0 percentage points, -6.7% for IIF against -49.7% for VXX. Risk is not evenly split, since VXX carries 3.5 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.
IIF vs VXX: side by side
| IIF (Morgan Stanley India Investment Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.7% | -49.7% |
| 5-year return | +44.4% | -95.6% |
| Volatility (ann.) | 17.4% | 60.9% |
| Beta vs S&P 500 | 0.61 | -3.31 |
| Max drawdown (3Y) | -24.1% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.56% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIF | VXX |
|---|---|---|
| 2022 | -9.6% | -23.8% |
| 2023 | +21.4% | -72.5% |
| 2024 | +29.6% | -26.2% |
| 2025 | +6.7% | -42.2% |
| 2026 | -7.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIF and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between IIF and VXX?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.50 over the last year and -0.45 over 5 years.
Is VXX a good diversifier for IIF?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 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/iif-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iif-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIF correlations · VXX correlations
