SAFE vs VXX: Correlation
How closely do Safehold Inc. New (SAFE) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAFE and VXX?
Across a 3-year window, the weekly returns of SAFE and VXX correlate at -0.29, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -661.7 %².
VXX is close to the least connected end of SAFE's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months SAFE outperformed by 49.6 percentage points (-0.1% for SAFE against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.7 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.
SAFE vs VXX: side by side
| SAFE (Safehold Inc. New) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.1% | -49.7% |
| 5-year return | -85.5% | -95.6% |
| Volatility (ann.) | 36.8% | 60.9% |
| Beta vs S&P 500 | 0.66 | -3.31 |
| Max drawdown (3Y) | -51.9% | -83.3% |
| Market cap | $1.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 4.61% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAFE | VXX |
|---|---|---|
| 2022 | -61.0% | -23.8% |
| 2023 | -48.4% | -72.5% |
| 2024 | -18.2% | -26.2% |
| 2025 | -22.5% | -42.2% |
| 2026 | +14.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAFE and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between SAFE and VXX?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.25 over the last year and -0.28 over 5 years.
Is VXX a good diversifier for SAFE?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/safe-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/safe-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SAFE correlations · VXX correlations
