INDI vs VXX: Correlation
indie Semiconductor, Inc. (INDI) 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 -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDI and VXX?
Over the past 3 years, INDI and VXX moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.42 over 3. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -2234.4 %².
Among the 13 assets we track against INDI, VXX sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months INDI outperformed by 36.8 percentage points (-12.9% for INDI against -49.7% for VXX).
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.
INDI vs VXX: side by side
| INDI (indie Semiconductor, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -12.9% | -49.7% |
| 5-year return | -59.1% | -95.6% |
| Volatility (ann.) | 86.4% | 60.9% |
| Beta vs S&P 500 | 3.07 | -3.31 |
| Max drawdown (3Y) | -81.3% | -83.3% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDI | VXX |
|---|---|---|
| 2022 | -51.4% | -23.8% |
| 2023 | +39.1% | -72.5% |
| 2024 | -50.1% | -26.2% |
| 2025 | -12.8% | -42.2% |
| 2026 | +14.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDI and VXX good diversifiers for each other?
Yes. With a correlation of -0.42, INDI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDI and VXX?
The INDI/VXX correlation stands at -0.42 on a 3-year window (1 year: -0.36, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for INDI?
Yes. With a correlation of -0.42, INDI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 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/indi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDI correlations · VXX correlations
