SPOT vs VXX: Correlation
Measured on weekly returns over the past three years, Spotify Technology S.A. (SPOT) 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 SPOT and VXX?
On 3 years of weekly data the SPOT/VXX correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.24). The 5-year figure is -0.28, and annualized covariance runs at -582.2 %².
Out of 11 assets tracked against SPOT, VXX lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with SPOT ahead by 25.8 points (-23.9% versus -49.7%). One caveat on sizing: VXX is 1.5 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.
SPOT vs VXX: side by side
| SPOT (Spotify Technology S.A.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.9% | -49.7% |
| 5-year return | +126.2% | -95.6% |
| Volatility (ann.) | 39.5% | 60.9% |
| Beta vs S&P 500 | 0.85 | -3.31 |
| Max drawdown (3Y) | -46.8% | -83.3% |
| Market cap | $108.4B | – |
| P/E (trailing) | 29.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPOT | VXX |
|---|---|---|
| 2022 | -66.3% | -23.8% |
| 2023 | +138.0% | -72.5% |
| 2024 | +138.1% | -26.2% |
| 2025 | +29.8% | -42.2% |
| 2026 | -9.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPOT and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPOT and VXX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.01 over the last year and -0.28 over 5 years.
Is VXX a good diversifier for SPOT?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/spot-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spot-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPOT correlations · VXX correlations
