SAP vs VXX: Correlation
Measured on weekly returns over the past three years, SAP SE (SAP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAP and VXX?
On 3 years of weekly data the SAP/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.38). The 5-year figure is -0.40, and annualized covariance runs at -682.8 %².
Among the 17 assets we track against SAP, VXX sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months SAP outperformed by 31.5 percentage points (-18.2% for SAP against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.1 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.
SAP vs VXX: side by side
| SAP (SAP SE) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -18.2% | -49.7% |
| 5-year return | +60.5% | -95.6% |
| Volatility (ann.) | 29.4% | 60.9% |
| Beta vs S&P 500 | 1.02 | -3.31 |
| Max drawdown (3Y) | -52.3% | -83.3% |
| Market cap | $255.3B | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAP | VXX |
|---|---|---|
| 2022 | -24.2% | -23.8% |
| 2023 | +52.3% | -72.5% |
| 2024 | +61.3% | -26.2% |
| 2025 | -0.4% | -42.2% |
| 2026 | -7.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAP and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between SAP and VXX?
As of 2026-08-27, the correlation of weekly returns between SAP and VXX is -0.38 over 3 years, -0.24 over 1 year and -0.40 over 5 years.
Is VXX a good diversifier for SAP?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/sap-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sap-vs-vxx/)
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Related comparisons
Hubs: SAP correlations · VXX correlations
