LECO vs VXX: Correlation
Lincoln Electric Holdings, Inc. (LECO) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LECO and VXX?
Over the past 3 years, LECO and VXX moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -804.9 %².
Among the 18 assets we track against LECO, VXX sits near the bottom by co-movement, at rank #18. Correlation aside, the last 12 months split them widely, with LECO ahead by 68.1 points (+18.4% versus -49.7%). Note the risk asymmetry: VXX runs 2.2 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.
LECO vs VXX: side by side
| LECO (Lincoln Electric Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.4% | -49.7% |
| 5-year return | +120.5% | -95.6% |
| Volatility (ann.) | 27.9% | 60.9% |
| Beta vs S&P 500 | 1.03 | -3.31 |
| Max drawdown (3Y) | -34.3% | -83.3% |
| Market cap | $15.8B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.08% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LECO | VXX |
|---|---|---|
| 2022 | +5.4% | -23.8% |
| 2023 | +52.6% | -72.5% |
| 2024 | -12.6% | -26.2% |
| 2025 | +29.6% | -42.2% |
| 2026 | +21.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LECO and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between LECO and VXX?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.40 over the last year and -0.48 over 5 years.
Is VXX a good diversifier for LECO?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 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/leco-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/leco-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LECO correlations · VXX correlations
