SLF vs VXX: Correlation
How closely do Sun Life Financial Inc. (SLF) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLF and VXX?
Over the past 3 years, SLF and VXX moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.38 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -426.7 %².
Among the 12 assets we track against SLF, VXX sits near the bottom by co-movement, at rank #11. The last year tells two different stories: SLF led by 89.7 percentage points, +40.0% for SLF against -49.7% for VXX. One caveat on sizing: VXX is 3.3 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.
SLF vs VXX: side by side
| SLF (Sun Life Financial Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +40.0% | -49.7% |
| 5-year return | +84.1% | -95.6% |
| Volatility (ann.) | 18.6% | 60.9% |
| Beta vs S&P 500 | 0.52 | -3.31 |
| Max drawdown (3Y) | -14.9% | -83.3% |
| Market cap | $43.8B | – |
| P/E (trailing) | 18.5 | – |
| Dividend yield | 4.66% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLF | VXX |
|---|---|---|
| 2022 | -12.9% | -23.8% |
| 2023 | +16.9% | -72.5% |
| 2024 | +19.5% | -26.2% |
| 2025 | +7.3% | -42.2% |
| 2026 | +29.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLF and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SLF and VXX?
The SLF/VXX correlation stands at -0.38 on a 3-year window (1 year: -0.14, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for SLF?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/slf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SLF correlations · VXX correlations
