SHOP vs VXX: Correlation
How closely do Shopify Inc. - Class A Subordinate Voting Shares (SHOP) 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 -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOP and VXX?
On 3 years of weekly data the SHOP/VXX correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.49 over 3 years. The 5-year figure is -0.44, and annualized covariance runs at -1840.8 %².
VXX is close to the least connected end of SHOP's tracked universe, ranking #19 of 20. Correlation aside, the last 12 months split them widely, with SHOP ahead by 60.0 points (+10.3% versus -49.7%).
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.
SHOP vs VXX: side by side
| SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.3% | -49.7% |
| 5-year return | -0.4% | -95.6% |
| Volatility (ann.) | 61.1% | 60.9% |
| Beta vs S&P 500 | 2.40 | -3.31 |
| Max drawdown (3Y) | -46.7% | -83.3% |
| Market cap | $200.3B | – |
| P/E (trailing) | 102.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHOP | VXX |
|---|---|---|
| 2022 | -74.8% | -23.8% |
| 2023 | +124.4% | -72.5% |
| 2024 | +36.5% | -26.2% |
| 2025 | +51.4% | -42.2% |
| 2026 | -4.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOP and VXX good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SHOP and VXX?
As of 2026-08-27, the correlation of weekly returns between SHOP and VXX is -0.49 over 3 years, -0.24 over 1 year and -0.44 over 5 years.
Is VXX a good diversifier for SHOP?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
A reading of -0.49 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/shop-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shop-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SHOP correlations · VXX correlations
