KARO vs VXX: Correlation
Measured on weekly returns over the past three years, Karooooo Ltd. (KARO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KARO and VXX?
On 3 years of weekly data the KARO/VXX correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.30 over 3. The 5-year figure is -0.30, and annualized covariance runs at -711.4 %².
Among the 10 assets we track against KARO, VXX sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with KARO ahead by 82.7 points (+33.0% versus -49.7%). One caveat on sizing: VXX is 1.6 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.
KARO vs VXX: side by side
| KARO (Karooooo Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.0% | -49.7% |
| 5-year return | +131.7% | -95.6% |
| Volatility (ann.) | 39.0% | 60.9% |
| Beta vs S&P 500 | 1.10 | -3.31 |
| Max drawdown (3Y) | -32.3% | -83.3% |
| Market cap | $2.1B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 33.69% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KARO | VXX |
|---|---|---|
| 2022 | -41.5% | -23.8% |
| 2023 | +8.0% | -72.5% |
| 2024 | +91.5% | -26.2% |
| 2025 | +3.5% | -42.2% |
| 2026 | +50.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KARO and VXX good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KARO and VXX?
The KARO/VXX correlation stands at -0.30 on a 3-year window (1 year: -0.28, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for KARO?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/karo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/karo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KARO correlations · VXX correlations
