JEF vs VXX: Correlation
How closely do Jefferies Financial Group Inc. (JEF) 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 -0.61, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JEF and VXX?
Across a 3-year window, the weekly returns of JEF and VXX correlate at -0.61, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.55 lands near the 3-year figure. Stretching to 5 years gives -0.57, with an annualized covariance of -1466.1 %².
Out of 16 assets tracked against JEF, VXX lands near the bottom at #16. Correlation aside, the last 12 months split them widely, with JEF ahead by 33.8 points (-15.9% versus -49.7%). Risk is not evenly split, since VXX carries 1.5 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.
JEF vs VXX: side by side
| JEF (Jefferies Financial Group Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.9% | -49.7% |
| 5-year return | +73.8% | -95.6% |
| Volatility (ann.) | 39.3% | 60.9% |
| Beta vs S&P 500 | 1.57 | -3.31 |
| Max drawdown (3Y) | -54.4% | -83.3% |
| Market cap | $10.7B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JEF | VXX |
|---|---|---|
| 2022 | -8.5% | -23.8% |
| 2023 | +27.7% | -72.5% |
| 2024 | +98.8% | -26.2% |
| 2025 | -18.8% | -42.2% |
| 2026 | -12.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JEF and VXX good diversifiers for each other?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between JEF and VXX?
Using weekly returns as of 2026-08-27: -0.61 over 3 years, with -0.55 over the last year and -0.57 over 5 years.
Is VXX a good diversifier for JEF?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.61 mean?
On the −1 to +1 scale, -0.61 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/jef-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jef-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JEF correlations · VXX correlations
