KNX vs VXX: Correlation
How closely do Knight-Swift Transportation Holdings Inc. (KNX) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KNX and VXX?
Across a 3-year window, the weekly returns of KNX and VXX correlate at -0.41, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.41). Stretching to 5 years gives -0.38, with an annualized covariance of -788.8 %².
VXX is close to the least connected end of KNX's tracked universe, ranking #16 of 17. Their recent paths diverged sharply: over the last 12 months KNX outperformed by 107.6 percentage points (+57.9% for KNX 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.
KNX vs VXX: side by side
| KNX (Knight-Swift Transportation Holdings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.9% | -49.7% |
| 5-year return | +37.4% | -95.6% |
| Volatility (ann.) | 31.7% | 60.9% |
| Beta vs S&P 500 | 1.00 | -3.31 |
| Max drawdown (3Y) | -35.7% | -83.3% |
| Market cap | $11.2B | – |
| P/E (trailing) | 255.2 | – |
| Dividend yield | 1.09% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KNX | VXX |
|---|---|---|
| 2022 | -13.2% | -23.8% |
| 2023 | +11.1% | -72.5% |
| 2024 | -6.9% | -26.2% |
| 2025 | +0.1% | -42.2% |
| 2026 | +32.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KNX and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between KNX and VXX?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.15 over the last year and -0.38 over 5 years.
Is VXX a good diversifier for KNX?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/knx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/knx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KNX correlations · VXX correlations
