SPG vs VXX: Correlation
Measured on weekly returns over the past three years, Simon Property Group (SPG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.52, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and VXX?
Over the past 3 years, SPG and VXX moved with a correlation of -0.52, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.29) runs above the 3-year figure (-0.52). Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -718.1 %².
VXX is close to the least connected end of SPG's tracked universe, ranking #36 of 37. Their recent paths diverged sharply: over the last 12 months SPG outperformed by 76.0 percentage points (+26.3% for SPG against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.7 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.
SPG vs VXX: side by side
| SPG (Simon Property Group) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.3% | -49.7% |
| 5-year return | +110.2% | -95.6% |
| Volatility (ann.) | 22.7% | 60.9% |
| Beta vs S&P 500 | 0.79 | -3.31 |
| Max drawdown (3Y) | -24.3% | -83.3% |
| Market cap | $81.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 4.05% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | SPG | VXX |
|---|---|---|
| 2022 | -21.9% | -23.8% |
| 2023 | +29.2% | -72.5% |
| 2024 | +26.9% | -26.2% |
| 2025 | +12.9% | -42.2% |
| 2026 | +18.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPG and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.52 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPG and VXX?
As of 2026-08-27, the correlation of weekly returns between SPG and VXX is -0.52 over 3 years, -0.29 over 1 year and -0.49 over 5 years.
Is VXX a good diversifier for SPG?
By historical standards, yes. A correlation of -0.52 means the two rarely move for the same reasons.
What does a correlation of -0.52 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/spg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPG correlations · VXX correlations
