IVR vs VXX: Correlation
Measured on weekly returns over the past three years, INVESCO MORTGAGE CAPITAL INC (IVR) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVR and VXX?
On 3 years of weekly data the IVR/VXX correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.45). The 5-year figure is -0.43, and annualized covariance runs at -814.1 %².
Out of 14 assets tracked against IVR, VXX lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months IVR outperformed by 67.4 percentage points (+17.7% for IVR against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
IVR vs VXX: side by side
| IVR (INVESCO MORTGAGE CAPITAL INC) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +17.7% | -49.7% |
| 5-year return | -40.5% | -95.6% |
| Volatility (ann.) | 29.8% | 60.9% |
| Beta vs S&P 500 | 0.88 | -3.31 |
| Max drawdown (3Y) | -41.4% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 4.7 | – |
| Dividend yield | 19.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IVR | VXX |
|---|---|---|
| 2022 | -44.6% | -23.8% |
| 2023 | -14.3% | -72.5% |
| 2024 | +9.0% | -26.2% |
| 2025 | +24.9% | -42.2% |
| 2026 | -0.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVR and VXX good diversifiers for each other?
Yes. With a correlation of -0.45, IVR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IVR and VXX?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.24 over the last year and -0.43 over 5 years.
Is VXX a good diversifier for IVR?
Yes. With a correlation of -0.45, IVR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/ivr-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivr-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IVR correlations · VXX correlations
