ONB vs VXX: Correlation
Measured on weekly returns over the past three years, Old National Bancorp (ONB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.59, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONB and VXX?
On 3 years of weekly data the ONB/VXX correlation comes out at -0.59, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.41) than the 3-year average (-0.59). The 5-year figure is -0.51, and annualized covariance runs at -1038.2 %².
VXX is close to the least connected end of ONB's tracked universe, ranking #25 of 26. Correlation aside, the last 12 months split them widely, with ONB ahead by 64.8 points (+15.1% versus -49.7%). Risk is not evenly split, since VXX carries 2.1 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.
ONB vs VXX: side by side
| ONB (Old National Bancorp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.1% | -49.7% |
| 5-year return | +81.8% | -95.6% |
| Volatility (ann.) | 29.0% | 60.9% |
| Beta vs S&P 500 | 1.07 | -3.31 |
| Max drawdown (3Y) | -26.1% | -83.3% |
| Market cap | $9.9B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 2.21% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONB | VXX |
|---|---|---|
| 2022 | +2.5% | -23.8% |
| 2023 | -2.5% | -72.5% |
| 2024 | +32.5% | -26.2% |
| 2025 | +5.4% | -42.2% |
| 2026 | +17.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONB and VXX good diversifiers for each other?
Yes. With a correlation of -0.59, ONB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ONB and VXX?
As of 2026-08-27, the correlation of weekly returns between ONB and VXX is -0.59 over 3 years, -0.41 over 1 year and -0.51 over 5 years.
Is VXX a good diversifier for ONB?
Yes. With a correlation of -0.59, ONB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.59 mean?
A reading of -0.59 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/onb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/onb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ONB correlations · VXX correlations
