RWAY vs VXX: Correlation
Runway Growth Finance Corp. (RWAY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RWAY and VXX?
Across a 3-year window, the weekly returns of RWAY and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.21) than the 3-year average (-0.34). Stretching to 5 years gives -0.33, with an annualized covariance of -602.4 %².
VXX is close to the least connected end of RWAY's tracked universe, ranking #12 of 13. The last year tells two different stories: RWAY led by 22.5 percentage points, -27.2% for RWAY 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.
RWAY vs VXX: side by side
| RWAY (Runway Growth Finance Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -27.2% | -49.7% |
| 5-year return | +2.3% | -95.6% |
| Volatility (ann.) | 29.4% | 60.9% |
| Beta vs S&P 500 | 0.69 | -3.31 |
| Max drawdown (3Y) | -45.3% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 27.4 | – |
| Dividend yield | 20.21% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RWAY | VXX |
|---|---|---|
| 2022 | -0.6% | -23.8% |
| 2023 | +25.7% | -72.5% |
| 2024 | +1.7% | -26.2% |
| 2025 | -6.6% | -42.2% |
| 2026 | -15.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RWAY and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between RWAY and VXX?
As of 2026-08-27, the correlation of weekly returns between RWAY and VXX is -0.34 over 3 years, -0.21 over 1 year and -0.33 over 5 years.
Is VXX a good diversifier for RWAY?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/rway-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rway-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RWAY correlations · VXX correlations
