MSCI vs VXX: Correlation
Measured on weekly returns over the past three years, MSCI (MSCI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSCI and VXX?
Across a 3-year window, the weekly returns of MSCI and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.34). Stretching to 5 years gives -0.38, with an annualized covariance of -522.2 %².
VXX is close to the least connected end of MSCI's tracked universe, ranking #26 of 27. Correlation aside, the last 12 months split them widely, with MSCI ahead by 51.0 points (+1.3% versus -49.7%). Risk is not evenly split, since VXX carries 2.4 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.
MSCI vs VXX: side by side
| MSCI (MSCI) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.3% | -49.7% |
| 5-year return | -5.6% | -95.6% |
| Volatility (ann.) | 25.4% | 60.9% |
| Beta vs S&P 500 | 0.85 | -3.31 |
| Max drawdown (3Y) | -26.0% | -83.3% |
| Market cap | $41.4B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 1.36% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MSCI | VXX |
|---|---|---|
| 2022 | -23.3% | -23.8% |
| 2023 | +22.9% | -72.5% |
| 2024 | +7.3% | -26.2% |
| 2025 | -3.2% | -42.2% |
| 2026 | +0.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSCI and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSCI and VXX?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.22 over the last year and -0.38 over 5 years.
Is VXX a good diversifier for MSCI?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/msci-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msci-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSCI correlations · VXX correlations
