IIIV vs VXX: Correlation
i3 Verticals, Inc. (IIIV) 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 -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIIV and VXX?
Over the past 3 years, IIIV and VXX moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.23 over 3 years. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -538.1 %².
Out of 11 assets tracked against IIIV, VXX lands near the bottom at #9. Twelve-month performance is nearly a tie, at -47.2% for IIIV and -49.7% for VXX. Risk is not evenly split, since VXX carries 1.6 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.
IIIV vs VXX: side by side
| IIIV (i3 Verticals, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -47.2% | -49.7% |
| 5-year return | -43.7% | -95.6% |
| Volatility (ann.) | 37.8% | 60.9% |
| Beta vs S&P 500 | 0.59 | -3.31 |
| Max drawdown (3Y) | -51.7% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 58.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIIV | VXX |
|---|---|---|
| 2022 | +6.8% | -23.8% |
| 2023 | -13.0% | -72.5% |
| 2024 | +8.8% | -26.2% |
| 2025 | +9.3% | -42.2% |
| 2026 | -35.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIIV and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between IIIV and VXX?
As of 2026-08-27, the correlation of weekly returns between IIIV and VXX is -0.23 over 3 years, -0.11 over 1 year and -0.30 over 5 years.
Is VXX a good diversifier for IIIV?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iiiv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iiiv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIIV correlations · VXX correlations
