SNN vs VXX: Correlation
How closely do Smith & Nephew SNATS, Inc. (SNN) 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 -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNN and VXX?
On 3 years of weekly data the SNN/VXX correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -426.5 %².
Among the 14 assets we track against SNN, VXX sits near the bottom by co-movement, at rank #14. The last year tells two different stories: SNN led by 29.7 percentage points, -20.0% for SNN against -49.7% for VXX. One caveat on sizing: VXX is 2.3 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.
SNN vs VXX: side by side
| SNN (Smith & Nephew SNATS, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -20.0% | -49.7% |
| 5-year return | -13.6% | -95.6% |
| Volatility (ann.) | 26.3% | 60.9% |
| Beta vs S&P 500 | 0.60 | -3.31 |
| Max drawdown (3Y) | -24.0% | -83.3% |
| Market cap | $12.2B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 1.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SNN | VXX |
|---|---|---|
| 2022 | -20.2% | -23.8% |
| 2023 | +4.4% | -72.5% |
| 2024 | -7.3% | -26.2% |
| 2025 | +36.8% | -42.2% |
| 2026 | -9.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNN and VXX good diversifiers for each other?
Yes. With a correlation of -0.27, SNN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SNN and VXX?
The SNN/VXX correlation stands at -0.27 on a 3-year window (1 year: -0.29, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for SNN?
Yes. With a correlation of -0.27, SNN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/snn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/snn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SNN correlations · VXX correlations
