MRNA vs VXX: Correlation
Moderna (MRNA) 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 -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRNA and VXX?
On 3 years of weekly data the MRNA/VXX correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.13 over 1 year against -0.20 over 3. The 5-year figure is -0.17, and annualized covariance runs at -1248.2 %².
Within MRNA's tracked universe of 38 assets, VXX comes in at #32 by 3-year correlation. The last year tells two different stories: MRNA led by 518.5 percentage points, +468.8% for MRNA against -49.7% for VXX. Risk is not evenly split, since MRNA 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.
MRNA vs VXX: side by side
| MRNA (Moderna) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +468.8% | -49.7% |
| 5-year return | -61.5% | -95.6% |
| Volatility (ann.) | 100.7% | 60.9% |
| Beta vs S&P 500 | 0.98 | -3.31 |
| Max drawdown (3Y) | -86.6% | -83.3% |
| Market cap | $57.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MRNA | VXX |
|---|---|---|
| 2022 | -29.3% | -23.8% |
| 2023 | -44.6% | -72.5% |
| 2024 | -58.2% | -26.2% |
| 2025 | -29.1% | -42.2% |
| 2026 | +384.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRNA and VXX good diversifiers for each other?
Yes. With a correlation of -0.20, MRNA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MRNA and VXX?
The MRNA/VXX correlation stands at -0.20 on a 3-year window (1 year: -0.13, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MRNA?
Yes. With a correlation of -0.20, MRNA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 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/mrna-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mrna-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MRNA correlations · VXX correlations
