SAN vs VXX: Correlation
Banco Santander, S.A. Sponsored ADR (Spain) (SAN) 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 -0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAN and VXX?
Over the past 3 years, SAN and VXX moved with a correlation of -0.55, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.71 versus -0.55 over 3 years. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -982.2 %².
VXX is close to the least connected end of SAN's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with SAN ahead by 106.9 points (+57.2% versus -49.7%). 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.
SAN vs VXX: side by side
| SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.2% | -49.7% |
| 5-year return | +366.8% | -95.6% |
| Volatility (ann.) | 29.2% | 60.9% |
| Beta vs S&P 500 | 1.01 | -3.31 |
| Max drawdown (3Y) | -20.3% | -83.3% |
| Market cap | $211.5B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 0.85% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAN | VXX |
|---|---|---|
| 2022 | -6.6% | -23.8% |
| 2023 | +46.2% | -72.5% |
| 2024 | +15.1% | -26.2% |
| 2025 | +161.6% | -42.2% |
| 2026 | +25.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAN and VXX good diversifiers for each other?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SAN and VXX?
The SAN/VXX correlation stands at -0.55 on a 3-year window (1 year: -0.71, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for SAN?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.55 mean?
A reading of -0.55 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/san-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/san-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SAN correlations · VXX correlations
