PWP vs VXX: Correlation
Measured on weekly returns over the past three years, Perella Weinberg Partners (PWP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PWP and VXX?
Over the past 3 years, PWP and VXX moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.50). Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -1231.3 %².
VXX is close to the least connected end of PWP's tracked universe, ranking #9 of 10. The last year tells two different stories: PWP led by 26.4 percentage points, -23.3% for PWP against -49.7% for VXX. Risk is not evenly split, since VXX carries 1.5 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.
PWP vs VXX: side by side
| PWP (Perella Weinberg Partners) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.3% | -49.7% |
| 5-year return | +35.6% | -95.6% |
| Volatility (ann.) | 40.0% | 60.9% |
| Beta vs S&P 500 | 1.36 | -3.31 |
| Max drawdown (3Y) | -43.1% | -83.3% |
| Market cap | $1.7B | – |
| P/E (trailing) | 62.8 | – |
| Dividend yield | 1.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PWP | VXX |
|---|---|---|
| 2022 | -21.2% | -23.8% |
| 2023 | +28.4% | -72.5% |
| 2024 | +98.2% | -26.2% |
| 2025 | -26.5% | -42.2% |
| 2026 | -1.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PWP and VXX good diversifiers for each other?
Yes. With a correlation of -0.50, PWP and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PWP and VXX?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.31 over the last year and -0.45 over 5 years.
Is VXX a good diversifier for PWP?
Yes. With a correlation of -0.50, PWP and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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/pwp-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pwp-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PWP correlations · VXX correlations
