MSFT vs VXX: Correlation
How closely do Microsoft (MSFT) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSFT and VXX?
Over the past 3 years, MSFT and VXX moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.39 over 3. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -656.3 %².
VXX is close to the least connected end of MSFT's tracked universe, ranking #38 of 39. Correlation aside, the last 12 months split them widely, with MSFT ahead by 50.2 points (+0.5% versus -49.7%). 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.
MSFT vs VXX: side by side
| MSFT (Microsoft) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.5% | -49.7% |
| 5-year return | +73.3% | -95.6% |
| Volatility (ann.) | 27.5% | 60.9% |
| Beta vs S&P 500 | 1.12 | -3.31 |
| Max drawdown (3Y) | -34.5% | -83.3% |
| Market cap | $3,750.3B | – |
| P/E (trailing) | 28.1 | – |
| Dividend yield | 0.73% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | MSFT | VXX |
|---|---|---|
| 2022 | -28.0% | -23.8% |
| 2023 | +58.2% | -72.5% |
| 2024 | +12.9% | -26.2% |
| 2025 | +15.6% | -42.2% |
| 2026 | +5.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSFT and VXX good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MSFT and VXX?
As of 2026-08-27, the correlation of weekly returns between MSFT and VXX is -0.39 over 3 years, -0.31 over 1 year and -0.38 over 5 years.
Is VXX a good diversifier for MSFT?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 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/msft-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msft-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSFT correlations · VXX correlations
