SHOO vs VXX: Correlation
How closely do Steven Madden, Ltd. (SHOO) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOO and VXX?
Over the past 3 years, SHOO and VXX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.41). Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -965.7 %².
Out of 15 assets tracked against SHOO, VXX lands near the bottom at #15. The last year tells two different stories: SHOO led by 105.2 percentage points, +55.5% for SHOO against -49.7% for VXX. Risk is not evenly split, since VXX carries 1.6 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.
SHOO vs VXX: side by side
| SHOO (Steven Madden, Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +55.5% | -49.7% |
| 5-year return | +22.4% | -95.6% |
| Volatility (ann.) | 38.3% | 60.9% |
| Beta vs S&P 500 | 1.13 | -3.31 |
| Max drawdown (3Y) | -60.2% | -83.3% |
| Market cap | $3.3B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHOO | VXX |
|---|---|---|
| 2022 | -29.5% | -23.8% |
| 2023 | +34.6% | -72.5% |
| 2024 | +3.2% | -26.2% |
| 2025 | +0.6% | -42.2% |
| 2026 | +8.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOO and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHOO and VXX?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.24 over the last year and -0.40 over 5 years.
Is VXX a good diversifier for SHOO?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/shoo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shoo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SHOO correlations · VXX correlations
