SHBI vs VXX: Correlation
Measured on weekly returns over the past three years, Shore Bancshares, Inc. (SHBI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHBI and VXX?
Across a 3-year window, the weekly returns of SHBI and VXX correlate at -0.48, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.48). Stretching to 5 years gives -0.41, with an annualized covariance of -948.6 %².
Out of 35 assets tracked against SHBI, VXX lands near the bottom at #34. Correlation aside, the last 12 months split them widely, with SHBI ahead by 87.4 points (+37.7% versus -49.7%). Note the risk asymmetry: VXX runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SHBI vs VXX: side by side
| SHBI (Shore Bancshares, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.7% | -49.7% |
| 5-year return | +51.7% | -95.6% |
| Volatility (ann.) | 32.6% | 60.9% |
| Beta vs S&P 500 | 0.89 | -3.31 |
| Max drawdown (3Y) | -31.9% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 2.16% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHBI | VXX |
|---|---|---|
| 2022 | -14.4% | -23.8% |
| 2023 | -15.1% | -72.5% |
| 2024 | +15.6% | -26.2% |
| 2025 | +15.0% | -42.2% |
| 2026 | +32.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHBI and VXX good diversifiers for each other?
Yes. With a correlation of -0.48, SHBI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SHBI and VXX?
The SHBI/VXX correlation stands at -0.48 on a 3-year window (1 year: -0.25, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for SHBI?
Yes. With a correlation of -0.48, SHBI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/shbi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shbi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SHBI correlations · VXX correlations
