PLGO vs VXX: Correlation
Measured on weekly returns over the past three years, Pelagos Insurance Capital Limited (PLGO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLGO and VXX?
Over the past 3 years, PLGO and VXX moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.26). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -472.5 %².
VXX is close to the least connected end of PLGO's tracked universe, ranking #11 of 12. The last year tells two different stories: PLGO led by 93.8 percentage points, +44.1% for PLGO against -49.7% for VXX. One caveat on sizing: VXX is 2.1 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.
PLGO vs VXX: side by side
| PLGO (Pelagos Insurance Capital Limited) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +44.1% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 29.5% | 60.9% |
| Beta vs S&P 500 | 0.43 | -3.31 |
| Max drawdown (3Y) | -29.9% | -83.3% |
| Market cap | $2.1B | – |
| P/E (trailing) | 6.1 | – |
| Dividend yield | 2.45% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PLGO | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | – | -72.5% |
| 2024 | +46.3% | -26.2% |
| 2025 | +9.4% | -42.2% |
| 2026 | +26.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLGO and VXX good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PLGO and VXX?
The PLGO/VXX correlation stands at -0.26 on a 3-year window (1 year: -0.04, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PLGO?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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/plgo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/plgo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PLGO correlations · VXX correlations
