LIN vs VXX: Correlation
Linde plc (LIN) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIN and VXX?
On 3 years of weekly data the LIN/VXX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.32). The 5-year figure is -0.38, and annualized covariance runs at -319.1 %².
VXX is close to the least connected end of LIN's tracked universe, ranking #36 of 36. The last year tells two different stories: LIN led by 51.6 percentage points, +1.9% for LIN against -49.7% for VXX. Note the risk asymmetry: VXX runs 3.7 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.
LIN vs VXX: side by side
| LIN (Linde plc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.9% | -49.7% |
| 5-year return | +64.6% | -95.6% |
| Volatility (ann.) | 16.5% | 60.9% |
| Beta vs S&P 500 | 0.37 | -3.31 |
| Max drawdown (3Y) | -19.2% | -83.3% |
| Market cap | $223.7B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 1.26% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | LIN | VXX |
|---|---|---|
| 2022 | -4.4% | -23.8% |
| 2023 | +27.7% | -72.5% |
| 2024 | +3.2% | -26.2% |
| 2025 | +3.2% | -42.2% |
| 2026 | +14.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIN and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between LIN and VXX?
The LIN/VXX correlation stands at -0.32 on a 3-year window (1 year: -0.14, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for LIN?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 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/lin-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lin-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LIN correlations · VXX correlations
