ROIV vs VXX: Correlation
Measured on weekly returns over the past three years, Roivant Sciences Ltd. (ROIV) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROIV and VXX?
Across a 3-year window, the weekly returns of ROIV and VXX correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives -0.20, with an annualized covariance of -714.6 %².
VXX is close to the least connected end of ROIV's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with ROIV ahead by 263.1 points (+213.4% versus -49.7%). Note the risk asymmetry: VXX runs 1.7 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.
ROIV vs VXX: side by side
| ROIV (Roivant Sciences Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +213.4% | -49.7% |
| 5-year return | +278.1% | -95.6% |
| Volatility (ann.) | 36.0% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -36.5% | -83.3% |
| Market cap | $27.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ROIV | VXX |
|---|---|---|
| 2022 | -20.7% | -23.8% |
| 2023 | +40.6% | -72.5% |
| 2024 | +5.3% | -26.2% |
| 2025 | +83.4% | -42.2% |
| 2026 | +73.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ROIV and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between ROIV and VXX?
The ROIV/VXX correlation stands at -0.33 on a 3-year window (1 year: -0.23, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ROIV?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 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/roiv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/roiv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ROIV correlations · VXX correlations
