ODFL vs VXX: Correlation
How closely do Old Dominion (ODFL) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ODFL and VXX?
Across a 3-year window, the weekly returns of ODFL and VXX correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.33). Stretching to 5 years gives -0.33, with an annualized covariance of -688.5 %².
Among the 36 assets we track against ODFL, VXX sits near the bottom by co-movement, at rank #35. The last year tells two different stories: ODFL led by 80.6 percentage points, +30.9% for ODFL against -49.7% for VXX. One caveat on sizing: VXX is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ODFL vs VXX: side by side
| ODFL (Old Dominion) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.9% | -49.7% |
| 5-year return | +39.6% | -95.6% |
| Volatility (ann.) | 34.7% | 60.9% |
| Beta vs S&P 500 | 0.98 | -3.31 |
| Max drawdown (3Y) | -45.2% | -83.3% |
| Market cap | $41.6B | – |
| P/E (trailing) | 38.3 | – |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ODFL | VXX |
|---|---|---|
| 2022 | -20.5% | -23.8% |
| 2023 | +43.5% | -72.5% |
| 2024 | -12.5% | -26.2% |
| 2025 | -10.5% | -42.2% |
| 2026 | +27.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ODFL and VXX good diversifiers for each other?
Yes. With a correlation of -0.33, ODFL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ODFL and VXX?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.11 over the last year and -0.33 over 5 years.
Is VXX a good diversifier for ODFL?
Yes. With a correlation of -0.33, ODFL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/odfl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/odfl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ODFL correlations · VXX correlations
