M vs VXX: Correlation
Macy's Inc (M) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are M and VXX?
Across a 3-year window, the weekly returns of M and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. Stretching to 5 years gives -0.35, with an annualized covariance of -1018.3 %².
Among the 14 assets we track against M, VXX sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months M outperformed by 121.5 percentage points (+71.8% for M against -49.7% for VXX).
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.
M vs VXX: side by side
| M (Macy's Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +71.8% | -49.7% |
| 5-year return | +21.5% | -95.6% |
| Volatility (ann.) | 49.3% | 60.9% |
| Beta vs S&P 500 | 1.06 | -3.31 |
| Max drawdown (3Y) | -51.3% | -83.3% |
| Market cap | $5.9B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 3.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | M | VXX |
|---|---|---|
| 2022 | -18.7% | -23.8% |
| 2023 | +1.6% | -72.5% |
| 2024 | -12.4% | -26.2% |
| 2025 | +36.5% | -42.2% |
| 2026 | +4.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are M and VXX good diversifiers for each other?
Yes. With a correlation of -0.34, M and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between M and VXX?
The M/VXX correlation stands at -0.34 on a 3-year window (1 year: -0.26, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for M?
Yes. With a correlation of -0.34, M and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/m-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/m-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: M correlations · VXX correlations
