IXHL vs VXX: Correlation
How closely do Incannex Healthcare Inc. (IXHL) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IXHL and VXX?
Over the past 3 years, IXHL and VXX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.24 over 3. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -2641.8 %².
Out of 10 assets tracked against IXHL, VXX lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months VXX outperformed by 31.9 percentage points (-81.6% for IXHL against -49.7% for VXX). One caveat on sizing: IXHL is 3.0 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.
IXHL vs VXX: side by side
| IXHL (Incannex Healthcare Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -81.6% | -49.7% |
| 5-year return | -99.8% | -95.6% |
| Volatility (ann.) | 180.7% | 60.9% |
| Beta vs S&P 500 | 3.15 | -3.31 |
| Max drawdown (3Y) | -99.0% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IXHL | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | -58.6% | -72.5% |
| 2024 | -54.3% | -26.2% |
| 2025 | -83.1% | -42.2% |
| 2026 | -65.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IXHL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between IXHL and VXX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.31 over the last year and -0.23 over 5 years.
Is VXX a good diversifier for IXHL?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/ixhl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ixhl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IXHL correlations · VXX correlations
