LEO vs VXX: Correlation
How closely do BNY Mellon Strategic Municipals, Inc. (LEO) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and VXX?
Over the past 3 years, LEO and VXX moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.33). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -245.0 %².
Out of 21 assets tracked against LEO, VXX lands near the bottom at #20. Their recent paths diverged sharply: over the last 12 months LEO outperformed by 59.9 percentage points (+10.2% for LEO against -49.7% for VXX). One caveat on sizing: VXX is 5.0 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.
LEO vs VXX: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -49.7% |
| 5-year return | -18.0% | -95.6% |
| Volatility (ann.) | 12.2% | 60.9% |
| Beta vs S&P 500 | 0.26 | -3.31 |
| Max drawdown (3Y) | -13.1% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 4.41% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | VXX |
|---|---|---|
| 2022 | -24.1% | -23.8% |
| 2023 | +0.1% | -72.5% |
| 2024 | +6.9% | -26.2% |
| 2025 | +9.9% | -42.2% |
| 2026 | +0.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between LEO and VXX?
The LEO/VXX correlation stands at -0.33 on a 3-year window (1 year: -0.45, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for LEO?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/leo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/leo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LEO correlations · VXX correlations
