LLY vs VXX: Correlation
How closely do Lilly (Eli) (LLY) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LLY and VXX?
Across a 3-year window, the weekly returns of LLY and VXX correlate at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.28). Stretching to 5 years gives -0.26, with an annualized covariance of -628.6 %².
Out of 29 assets tracked against LLY, VXX lands near the bottom at #29. Their recent paths diverged sharply: over the last 12 months LLY outperformed by 110.9 percentage points (+61.2% for LLY against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.7 times the volatility of the other side.
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.
LLY vs VXX: side by side
| LLY (Lilly (Eli)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +61.2% | -49.7% |
| 5-year return | +369.2% | -95.6% |
| Volatility (ann.) | 36.6% | 60.9% |
| Beta vs S&P 500 | 0.57 | -3.31 |
| Max drawdown (3Y) | -34.5% | -83.3% |
| Market cap | $1,048.8B | – |
| P/E (trailing) | 40.0 | – |
| Dividend yield | 0.54% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | LLY | VXX |
|---|---|---|
| 2022 | +34.3% | -23.8% |
| 2023 | +60.9% | -72.5% |
| 2024 | +33.3% | -26.2% |
| 2025 | +40.2% | -42.2% |
| 2026 | +10.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LLY and VXX good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LLY and VXX?
The LLY/VXX correlation stands at -0.28 on a 3-year window (1 year: -0.16, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for LLY?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/lly-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lly-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LLY correlations · VXX correlations
