INOD vs VXX: Correlation
How closely do Innodata Inc. (INOD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INOD and VXX?
Over the past 3 years, INOD and VXX moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.32). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -2415.1 %².
Out of 14 assets tracked against INOD, VXX lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with INOD ahead by 101.3 points (+51.6% versus -49.7%). Risk is not evenly split, since INOD carries 2.0 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.
INOD vs VXX: side by side
| INOD (Innodata Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.6% | -49.7% |
| 5-year return | +620.6% | -95.6% |
| Volatility (ann.) | 122.9% | 60.9% |
| Beta vs S&P 500 | 3.71 | -3.31 |
| Max drawdown (3Y) | -63.0% | -83.3% |
| Market cap | $2.0B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INOD | VXX |
|---|---|---|
| 2022 | -49.8% | -23.8% |
| 2023 | +174.1% | -72.5% |
| 2024 | +385.5% | -26.2% |
| 2025 | +28.9% | -42.2% |
| 2026 | +16.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INOD and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between INOD and VXX?
The INOD/VXX correlation stands at -0.32 on a 3-year window (1 year: -0.19, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for INOD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/inod-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/inod-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INOD correlations · VXX correlations
