IVZ vs VXX: Correlation
Invesco (IVZ) 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 -0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVZ and VXX?
On 3 years of weekly data the IVZ/VXX correlation comes out at -0.57, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.55) sits close to the 3-year figure. The 5-year figure is -0.51, and annualized covariance runs at -1137.6 %².
VXX is close to the least connected end of IVZ's tracked universe, ranking #33 of 33. Their recent paths diverged sharply: over the last 12 months IVZ outperformed by 105.6 percentage points (+55.9% for IVZ against -49.7% for VXX). One caveat on sizing: VXX is 1.9 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.
IVZ vs VXX: side by side
| IVZ (Invesco) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +55.9% | -49.7% |
| 5-year return | +63.7% | -95.6% |
| Volatility (ann.) | 32.6% | 60.9% |
| Beta vs S&P 500 | 1.29 | -3.31 |
| Max drawdown (3Y) | -36.5% | -83.3% |
| Market cap | $14.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.58% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | IVZ | VXX |
|---|---|---|
| 2022 | -18.7% | -23.8% |
| 2023 | +4.2% | -72.5% |
| 2024 | +3.0% | -26.2% |
| 2025 | +56.9% | -42.2% |
| 2026 | +29.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVZ and VXX good diversifiers for each other?
Yes. With a correlation of -0.57, IVZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IVZ and VXX?
The IVZ/VXX correlation stands at -0.57 on a 3-year window (1 year: -0.55, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for IVZ?
Yes. With a correlation of -0.57, IVZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.57 mean?
On the −1 to +1 scale, -0.57 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/ivz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivz-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IVZ correlations · VXX correlations
