PIPR vs VXX: Correlation
How closely do Piper Sandler Companies (PIPR) 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 -0.58, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PIPR and VXX?
Across a 3-year window, the weekly returns of PIPR and VXX correlate at -0.58, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.32 versus -0.58 over 3 years. Stretching to 5 years gives -0.52, with an annualized covariance of -1195.0 %².
VXX is close to the least connected end of PIPR's tracked universe, ranking #22 of 23. Correlation aside, the last 12 months split them widely, with PIPR ahead by 40.5 points (-9.2% versus -49.7%). Note the risk asymmetry: VXX runs 1.8 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.
PIPR vs VXX: side by side
| PIPR (Piper Sandler Companies) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -9.2% | -49.7% |
| 5-year return | +143.0% | -95.6% |
| Volatility (ann.) | 33.6% | 60.9% |
| Beta vs S&P 500 | 1.35 | -3.31 |
| Max drawdown (3Y) | -38.8% | -83.3% |
| Market cap | $5.3B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 0.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PIPR | VXX |
|---|---|---|
| 2022 | -23.4% | -23.8% |
| 2023 | +37.8% | -72.5% |
| 2024 | +74.2% | -26.2% |
| 2025 | +15.5% | -42.2% |
| 2026 | -10.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PIPR and VXX good diversifiers for each other?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PIPR and VXX?
The PIPR/VXX correlation stands at -0.58 on a 3-year window (1 year: -0.32, 5 years: -0.52), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PIPR?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.58 mean?
A reading of -0.58 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/pipr-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pipr-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PIPR correlations · VXX correlations
