KREF vs VXX: Correlation
KKR Real Estate Finance Trust Inc. (KREF) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KREF and VXX?
Across a 3-year window, the weekly returns of KREF and VXX correlate at -0.33, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -651.7 %².
Among the 13 assets we track against KREF, VXX sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with KREF ahead by 39.7 points (-10.0% versus -49.7%). 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.
KREF vs VXX: side by side
| KREF (KKR Real Estate Finance Trust Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.0% | -49.7% |
| 5-year return | -38.4% | -95.6% |
| Volatility (ann.) | 32.2% | 60.9% |
| Beta vs S&P 500 | 0.66 | -3.31 |
| Max drawdown (3Y) | -44.9% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 11.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KREF | VXX |
|---|---|---|
| 2022 | -25.9% | -23.8% |
| 2023 | +9.2% | -72.5% |
| 2024 | -15.8% | -26.2% |
| 2025 | -9.3% | -42.2% |
| 2026 | -2.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KREF and VXX good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KREF and VXX?
As of 2026-08-27, the correlation of weekly returns between KREF and VXX is -0.33 over 3 years, -0.24 over 1 year and -0.39 over 5 years.
Is VXX a good diversifier for KREF?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 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/kref-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kref-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KREF correlations · VXX correlations
