QTWO vs VXX: Correlation
How closely do Q2 Holdings, Inc. (QTWO) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QTWO and VXX?
Across a 3-year window, the weekly returns of QTWO and VXX correlate at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.12 versus -0.43 over 3 years. Stretching to 5 years gives -0.44, with an annualized covariance of -1099.2 %².
Out of 39 assets tracked against QTWO, VXX lands near the bottom at #38. Correlation aside, the last 12 months split them widely, with QTWO ahead by 33.7 points (-16.0% versus -49.7%).
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.
QTWO vs VXX: side by side
| QTWO (Q2 Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.0% | -49.7% |
| 5-year return | -24.7% | -95.6% |
| Volatility (ann.) | 41.9% | 60.9% |
| Beta vs S&P 500 | 1.41 | -3.31 |
| Max drawdown (3Y) | -62.0% | -83.3% |
| Market cap | $4.1B | – |
| P/E (trailing) | 45.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QTWO | VXX |
|---|---|---|
| 2022 | -66.2% | -23.8% |
| 2023 | +61.6% | -72.5% |
| 2024 | +131.9% | -26.2% |
| 2025 | -28.3% | -42.2% |
| 2026 | -9.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTWO and VXX good diversifiers for each other?
Yes. With a correlation of -0.43, QTWO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QTWO and VXX?
As of 2026-08-27, the correlation of weekly returns between QTWO and VXX is -0.43 over 3 years, -0.12 over 1 year and -0.44 over 5 years.
Is VXX a good diversifier for QTWO?
Yes. With a correlation of -0.43, QTWO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 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/qtwo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qtwo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QTWO correlations · VXX correlations
