SKYW vs VXX: Correlation
SkyWest, Inc. (SKYW) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SKYW and VXX?
Across a 3-year window, the weekly returns of SKYW and VXX correlate at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -828.4 %².
VXX is close to the least connected end of SKYW's tracked universe, ranking #14 of 14. Their recent paths diverged sharply: over the last 12 months SKYW outperformed by 30.4 percentage points (-19.3% for SKYW against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.8 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.
SKYW vs VXX: side by side
| SKYW (SkyWest, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -19.3% | -49.7% |
| 5-year return | +114.2% | -95.6% |
| Volatility (ann.) | 33.3% | 60.9% |
| Beta vs S&P 500 | 0.95 | -3.31 |
| Max drawdown (3Y) | -36.6% | -83.3% |
| Market cap | $3.8B | – |
| P/E (trailing) | 9.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SKYW | VXX |
|---|---|---|
| 2022 | -58.0% | -23.8% |
| 2023 | +216.2% | -72.5% |
| 2024 | +91.8% | -26.2% |
| 2025 | +0.3% | -42.2% |
| 2026 | -1.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKYW and VXX good diversifiers for each other?
Yes. With a correlation of -0.41, SKYW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SKYW and VXX?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.38 over the last year and -0.39 over 5 years.
Is VXX a good diversifier for SKYW?
Yes. With a correlation of -0.41, SKYW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
A reading of -0.41 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/skyw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/skyw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SKYW correlations · VXX correlations
