KSPI vs VXX: Correlation
How closely do Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and VXX?
Over the past 3 years, KSPI and VXX moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.36 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -904.2 %².
Out of 13 assets tracked against KSPI, VXX lands near the bottom at #13. The last year tells two different stories: KSPI led by 68.3 percentage points, +18.6% for KSPI against -49.7% for VXX. One caveat on sizing: VXX is 1.5 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.
KSPI vs VXX: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.6% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 39.5% | 60.9% |
| Beta vs S&P 500 | 1.08 | -3.31 |
| Max drawdown (3Y) | -48.9% | -83.3% |
| Market cap | $20.0B | – |
| P/E (trailing) | 9.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KSPI | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | – | -72.5% |
| 2024 | – | -26.2% |
| 2025 | -17.5% | -42.2% |
| 2026 | +40.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and VXX good diversifiers for each other?
Yes. With a correlation of -0.36, KSPI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KSPI and VXX?
The KSPI/VXX correlation stands at -0.36 on a 3-year window (1 year: -0.31, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for KSPI?
Yes. With a correlation of -0.36, KSPI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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/kspi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kspi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KSPI correlations · VXX correlations
