SLV vs VXX: Correlation
How closely do iShares Silver Trust (SLV) 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 -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLV and VXX?
Across a 3-year window, the weekly returns of SLV and VXX correlate at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.33) than the 3-year average (-0.20). Stretching to 5 years gives -0.17, with an annualized covariance of -468.8 %².
VXX is close to the least connected end of SLV's tracked universe, ranking #31 of 34. Correlation aside, the last 12 months split them widely, with SLV ahead by 129.1 points (+79.4% versus -49.7%). Risk is not evenly split, since VXX carries 1.6 times the volatility of the other side.
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.
SLV vs VXX: side by side
| SLV (iShares Silver Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +79.4% | -49.7% |
| 5-year return | +182.0% | -95.6% |
| Volatility (ann.) | 38.6% | 60.9% |
| Beta vs S&P 500 | 0.80 | -3.31 |
| Max drawdown (3Y) | -52.3% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Expense ratio | 0.50% | – |
| Assets under management | $28.1B | – |
| Sector / category | ETF · Commodities | US Listed |
SLV is a Commodities Focused fund from iShares: $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | SLV | VXX |
|---|---|---|
| 2022 | +2.4% | -23.8% |
| 2023 | -1.1% | -72.5% |
| 2024 | +20.9% | -26.2% |
| 2025 | +144.7% | -42.2% |
| 2026 | -2.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLV and VXX good diversifiers for each other?
Yes. With a correlation of -0.20, SLV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SLV and VXX?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.33 over the last year and -0.17 over 5 years.
Is VXX a good diversifier for SLV?
Yes. With a correlation of -0.20, SLV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/slv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SLV correlations · VXX correlations
