INO vs VXX: Correlation
Inovio Pharmaceuticals, Inc. (INO) 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 INO and VXX?
On 3 years of weekly data the INO/VXX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.23). The 5-year figure is -0.24, and annualized covariance runs at -1408.4 %².
Among the 11 assets we track against INO, VXX sits near the bottom by co-movement, at rank #10. Neither side won the trailing year by much: -48.8% against -49.7%. One caveat on sizing: INO is 1.6 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.
INO vs VXX: side by side
| INO (Inovio Pharmaceuticals, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -48.8% | -49.7% |
| 5-year return | -98.8% | -95.6% |
| Volatility (ann.) | 99.4% | 60.9% |
| Beta vs S&P 500 | 1.55 | -3.31 |
| Max drawdown (3Y) | -95.2% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INO | VXX |
|---|---|---|
| 2022 | -68.7% | -23.8% |
| 2023 | -67.3% | -72.5% |
| 2024 | -70.1% | -26.2% |
| 2025 | -4.9% | -42.2% |
| 2026 | -27.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INO and VXX good diversifiers for each other?
Yes. With a correlation of -0.23, INO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INO and VXX?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.08 over the last year and -0.24 over 5 years.
Is VXX a good diversifier for INO?
Yes. With a correlation of -0.23, INO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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/ino-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ino-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INO correlations · VXX correlations
