KWEB vs VXX: Correlation
How closely do KraneShares CSI China Internet ETF (KWEB) 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 KWEB and VXX?
Over the past 3 years, KWEB and VXX moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.49 versus -0.34 over 3 years. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -696.2 %².
Out of 40 assets tracked against KWEB, VXX lands near the bottom at #40. Their recent paths diverged sharply: over the last 12 months KWEB outperformed by 23.6 percentage points (-26.1% for KWEB against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
KWEB vs VXX: side by side
| KWEB (KraneShares CSI China Internet ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.1% | -49.7% |
| 5-year return | -36.2% | -95.6% |
| Volatility (ann.) | 33.9% | 60.9% |
| Beta vs S&P 500 | 0.90 | -3.31 |
| Max drawdown (3Y) | -41.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | KWEB | VXX |
|---|---|---|
| 2022 | -17.2% | -23.8% |
| 2023 | -9.1% | -72.5% |
| 2024 | +12.0% | -26.2% |
| 2025 | +23.5% | -42.2% |
| 2026 | -23.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWEB and VXX good diversifiers for each other?
Yes. With a correlation of -0.34, KWEB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KWEB and VXX?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.49 over the last year and -0.32 over 5 years.
Is VXX a good diversifier for KWEB?
Yes. With a correlation of -0.34, KWEB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/kweb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kweb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KWEB correlations · VXX correlations
