KOP vs VXX: Correlation
How closely do Koppers Holdings Inc. (KOP) 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 -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KOP and VXX?
On 3 years of weekly data the KOP/VXX correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.03) runs above the 3-year figure (-0.34). The 5-year figure is -0.38, and annualized covariance runs at -697.8 %².
VXX is close to the least connected end of KOP's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months KOP outperformed by 109.8 percentage points (+60.1% for KOP against -49.7% for VXX). One caveat on sizing: VXX is 1.8 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.
KOP vs VXX: side by side
| KOP (Koppers Holdings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +60.1% | -49.7% |
| 5-year return | +47.0% | -95.6% |
| Volatility (ann.) | 33.9% | 60.9% |
| Beta vs S&P 500 | 0.89 | -3.31 |
| Max drawdown (3Y) | -58.4% | -83.3% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KOP | VXX |
|---|---|---|
| 2022 | -9.2% | -23.8% |
| 2023 | +82.8% | -72.5% |
| 2024 | -36.3% | -26.2% |
| 2025 | -15.5% | -42.2% |
| 2026 | +71.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KOP and VXX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KOP and VXX?
The KOP/VXX correlation stands at -0.34 on a 3-year window (1 year: -0.03, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for KOP?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/kop-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kop-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KOP correlations · VXX correlations
