MELI vs VXX: Correlation
MercadoLibre, Inc. (MELI) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MELI and VXX?
Across a 3-year window, the weekly returns of MELI and VXX correlate at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -787.0 %².
VXX is close to the least connected end of MELI's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months MELI outperformed by 29.7 percentage points (-20.0% for MELI 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.
MELI vs VXX: side by side
| MELI (MercadoLibre, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -20.0% | -49.7% |
| 5-year return | +2.8% | -95.6% |
| Volatility (ann.) | 35.7% | 60.9% |
| Beta vs S&P 500 | 1.04 | -3.31 |
| Max drawdown (3Y) | -40.8% | -83.3% |
| Market cap | $97.9B | – |
| P/E (trailing) | 53.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MELI | VXX |
|---|---|---|
| 2022 | -37.2% | -23.8% |
| 2023 | +85.7% | -72.5% |
| 2024 | +8.2% | -26.2% |
| 2025 | +18.5% | -42.2% |
| 2026 | -4.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MELI and VXX good diversifiers for each other?
Yes. With a correlation of -0.36, MELI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MELI and VXX?
As of 2026-08-27, the correlation of weekly returns between MELI and VXX is -0.36 over 3 years, -0.33 over 1 year and -0.33 over 5 years.
Is VXX a good diversifier for MELI?
Yes. With a correlation of -0.36, MELI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/meli-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/meli-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MELI correlations · VXX correlations
