NDAQ vs VXX: Correlation
Measured on weekly returns over the past three years, Nasdaq, Inc. (NDAQ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDAQ and VXX?
Across a 3-year window, the weekly returns of NDAQ and VXX correlate at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.21) than the 3-year average (-0.41). Stretching to 5 years gives -0.41, with an annualized covariance of -579.3 %².
Among the 35 assets we track against NDAQ, VXX sits near the bottom by co-movement, at rank #34. The last year tells two different stories: NDAQ led by 55.8 percentage points, +6.1% for NDAQ against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.6 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.
NDAQ vs VXX: side by side
| NDAQ (Nasdaq, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.1% | -49.7% |
| 5-year return | +64.4% | -95.6% |
| Volatility (ann.) | 23.2% | 60.9% |
| Beta vs S&P 500 | 0.80 | -3.31 |
| Max drawdown (3Y) | -23.4% | -83.3% |
| Market cap | $55.5B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.13% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | NDAQ | VXX |
|---|---|---|
| 2022 | -11.2% | -23.8% |
| 2023 | -3.7% | -72.5% |
| 2024 | +34.8% | -26.2% |
| 2025 | +27.2% | -42.2% |
| 2026 | +3.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDAQ and VXX good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NDAQ and VXX?
As of 2026-08-27, the correlation of weekly returns between NDAQ and VXX is -0.41 over 3 years, -0.21 over 1 year and -0.41 over 5 years.
Is VXX a good diversifier for NDAQ?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/ndaq-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ndaq-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NDAQ correlations · VXX correlations
