MS vs VXX: Correlation
How closely do Morgan Stanley (MS) 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 -0.69, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MS and VXX?
Across a 3-year window, the weekly returns of MS and VXX correlate at -0.69, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.65 over 1 year against -0.69 over 3. Stretching to 5 years gives -0.57, with an annualized covariance of -1182.9 %².
Out of 46 assets tracked against MS, VXX lands near the bottom at #46. The last year tells two different stories: MS led by 96.8 percentage points, +47.1% for MS against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.2 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.
MS vs VXX: side by side
| MS (Morgan Stanley) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +47.1% | -49.7% |
| 5-year return | +142.0% | -95.6% |
| Volatility (ann.) | 28.3% | 60.9% |
| Beta vs S&P 500 | 1.43 | -3.31 |
| Max drawdown (3Y) | -29.2% | -83.3% |
| Market cap | $337.5B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 1.94% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MS | VXX |
|---|---|---|
| 2022 | -10.3% | -23.8% |
| 2023 | +13.9% | -72.5% |
| 2024 | +39.7% | -26.2% |
| 2025 | +45.2% | -42.2% |
| 2026 | +23.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MS and VXX good diversifiers for each other?
Yes. With a correlation of -0.69, MS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MS and VXX?
As of 2026-08-27, the correlation of weekly returns between MS and VXX is -0.69 over 3 years, -0.65 over 1 year and -0.57 over 5 years.
Is VXX a good diversifier for MS?
Yes. With a correlation of -0.69, MS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.69 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/ms-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ms-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MS correlations · VXX correlations
