SHW vs VXX: Correlation
Sherwin-Williams (SHW) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHW and VXX?
On 3 years of weekly data the SHW/VXX correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.36 over 3 years. The 5-year figure is -0.37, and annualized covariance runs at -543.7 %².
Among the 60 assets we track against SHW, VXX sits near the bottom by co-movement, at rank #58. The last year tells two different stories: SHW led by 44.6 percentage points, -5.1% for SHW against -49.7% for VXX. One caveat on sizing: VXX is 2.5 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.
SHW vs VXX: side by side
| SHW (Sherwin-Williams) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.1% | -49.7% |
| 5-year return | +18.3% | -95.6% |
| Volatility (ann.) | 24.6% | 60.9% |
| Beta vs S&P 500 | 0.79 | -3.31 |
| Max drawdown (3Y) | -25.7% | -83.3% |
| Market cap | $83.8B | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.91% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | SHW | VXX |
|---|---|---|
| 2022 | -32.0% | -23.8% |
| 2023 | +32.7% | -72.5% |
| 2024 | +9.9% | -26.2% |
| 2025 | -3.8% | -42.2% |
| 2026 | +7.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHW and VXX good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SHW and VXX?
As of 2026-08-27, the correlation of weekly returns between SHW and VXX is -0.36 over 3 years, -0.25 over 1 year and -0.37 over 5 years.
Is VXX a good diversifier for SHW?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
A reading of -0.36 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/shw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SHW correlations · VXX correlations
