KEN vs VXX: Correlation
Kenon Holdings Ltd. (KEN) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEN and VXX?
Over the past 3 years, KEN and VXX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.24 over 3 years. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -558.4 %².
Out of 11 assets tracked against KEN, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months KEN outperformed by 108.7 percentage points (+59.0% for KEN against -49.7% for VXX). 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.
KEN vs VXX: side by side
| KEN (Kenon Holdings Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +59.0% | -49.7% |
| 5-year return | +294.3% | -95.6% |
| Volatility (ann.) | 37.7% | 60.9% |
| Beta vs S&P 500 | 0.72 | -3.31 |
| Max drawdown (3Y) | -33.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 43.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KEN | VXX |
|---|---|---|
| 2022 | -11.7% | -23.8% |
| 2023 | -18.2% | -72.5% |
| 2024 | +67.6% | -26.2% |
| 2025 | +126.2% | -42.2% |
| 2026 | +8.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEN and VXX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KEN and VXX?
The KEN/VXX correlation stands at -0.24 on a 3-year window (1 year: -0.05, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for KEN?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
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/ken-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ken-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KEN correlations · VXX correlations
