RVT vs VXX: Correlation
How closely do Royce Small-Cap Trust, Inc. (RVT) 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 -0.70, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RVT and VXX?
On 3 years of weekly data the RVT/VXX correlation comes out at -0.70, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.61 over 1 year against -0.70 over 3. The 5-year figure is -0.62, and annualized covariance runs at -807.4 %².
Out of 116 assets tracked against RVT, VXX lands near the bottom at #116. Their recent paths diverged sharply: over the last 12 months RVT outperformed by 77.1 percentage points (+27.4% for RVT against -49.7% for VXX). One caveat on sizing: VXX is 3.2 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.
RVT vs VXX: side by side
| RVT (Royce Small-Cap Trust, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +27.4% | -49.7% |
| 5-year return | +53.9% | -95.6% |
| Volatility (ann.) | 19.1% | 60.9% |
| Beta vs S&P 500 | 0.99 | -3.31 |
| Max drawdown (3Y) | -23.5% | -83.3% |
| Market cap | $2.3B | – |
| P/E (trailing) | 6.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RVT | VXX |
|---|---|---|
| 2022 | -26.3% | -23.8% |
| 2023 | +18.8% | -72.5% |
| 2024 | +17.9% | -26.2% |
| 2025 | +11.5% | -42.2% |
| 2026 | +21.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RVT and VXX good diversifiers for each other?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RVT and VXX?
The RVT/VXX correlation stands at -0.70 on a 3-year window (1 year: -0.61, 5 years: -0.62), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for RVT?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.70 mean?
On the −1 to +1 scale, -0.70 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/rvt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rvt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RVT correlations · VXX correlations
