L vs VXX: Correlation
Loews Corporation (L) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are L and VXX?
On 3 years of weekly data the L/VXX correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.35 over 3 years. The 5-year figure is -0.38, and annualized covariance runs at -349.1 %².
Among the 54 assets we track against L, VXX sits near the bottom by co-movement, at rank #53. The last year tells two different stories: L led by 63.9 percentage points, +14.2% for L against -49.7% for VXX. One caveat on sizing: VXX is 3.7 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.
L vs VXX: side by side
| L (Loews Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -49.7% |
| 5-year return | +100.1% | -95.6% |
| Volatility (ann.) | 16.6% | 60.9% |
| Beta vs S&P 500 | 0.33 | -3.31 |
| Max drawdown (3Y) | -12.2% | -83.3% |
| Market cap | $22.5B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 0.23% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | L | VXX |
|---|---|---|
| 2022 | +1.4% | -23.8% |
| 2023 | +19.8% | -72.5% |
| 2024 | +22.1% | -26.2% |
| 2025 | +24.7% | -42.2% |
| 2026 | +4.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are L and VXX good diversifiers for each other?
Yes. With a correlation of -0.35, L and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between L and VXX?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.04 over the last year and -0.38 over 5 years.
Is VXX a good diversifier for L?
Yes. With a correlation of -0.35, L and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 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/l-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/l-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: L correlations · VXX correlations
