SLNH vs VXX: Correlation
Measured on weekly returns over the past three years, Soluna Holdings, Inc. (SLNH) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLNH and VXX?
On 3 years of weekly data the SLNH/VXX correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. The 5-year figure is -0.24, and annualized covariance runs at -2641.5 %².
VXX is close to the least connected end of SLNH's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months SLNH outperformed by 197.6 percentage points (+147.9% for SLNH against -49.7% for VXX). Note the risk asymmetry: SLNH runs 2.9 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.
SLNH vs VXX: side by side
| SLNH (Soluna Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +147.9% | -49.7% |
| 5-year return | -99.5% | -95.6% |
| Volatility (ann.) | 179.3% | 60.9% |
| Beta vs S&P 500 | 3.25 | -3.31 |
| Max drawdown (3Y) | -94.8% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLNH | VXX |
|---|---|---|
| 2022 | -97.6% | -23.8% |
| 2023 | -38.5% | -72.5% |
| 2024 | -47.5% | -26.2% |
| 2025 | -44.3% | -42.2% |
| 2026 | +1.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLNH and VXX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SLNH and VXX?
As of 2026-08-27, the correlation of weekly returns between SLNH and VXX is -0.24 over 3 years, -0.15 over 1 year and -0.24 over 5 years.
Is VXX a good diversifier for SLNH?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/slnh-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slnh-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SLNH correlations · VXX correlations
