LGND vs VXX: Correlation
How closely do Ligand Pharmaceuticals Incorporated (LGND) 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 -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LGND and VXX?
On 3 years of weekly data the LGND/VXX correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.37 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -792.7 %².
Out of 11 assets tracked against LGND, VXX lands near the bottom at #10. The last year tells two different stories: LGND led by 128.5 percentage points, +78.8% for LGND against -49.7% for VXX. One caveat on sizing: VXX is 1.7 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.
LGND vs VXX: side by side
| LGND (Ligand Pharmaceuticals Incorporated) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +78.8% | -49.7% |
| 5-year return | +276.5% | -95.6% |
| Volatility (ann.) | 35.4% | 60.9% |
| Beta vs S&P 500 | 1.02 | -3.31 |
| Max drawdown (3Y) | -25.6% | -83.3% |
| Market cap | $5.7B | – |
| P/E (trailing) | 29.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LGND | VXX |
|---|---|---|
| 2022 | -30.7% | -23.8% |
| 2023 | +6.9% | -72.5% |
| 2024 | +50.0% | -26.2% |
| 2025 | +76.5% | -42.2% |
| 2026 | +50.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LGND and VXX good diversifiers for each other?
Yes. With a correlation of -0.37, LGND and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LGND and VXX?
As of 2026-08-27, the correlation of weekly returns between LGND and VXX is -0.37 over 3 years, -0.19 over 1 year and -0.30 over 5 years.
Is VXX a good diversifier for LGND?
Yes. With a correlation of -0.37, LGND and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/lgnd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lgnd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LGND correlations · VXX correlations
