SPXX vs VXX: Correlation
How closely do Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) 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 -0.73, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPXX and VXX?
Across a 3-year window, the weekly returns of SPXX and VXX correlate at -0.73, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.68 lands near the 3-year figure. Stretching to 5 years gives -0.63, with an annualized covariance of -631.4 %².
VXX is close to the least connected end of SPXX's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months SPXX outperformed by 64.6 percentage points (+14.9% for SPXX against -49.7% for VXX). Note the risk asymmetry: VXX runs 4.3 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.
SPXX vs VXX: side by side
| SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.9% | -49.7% |
| 5-year return | +52.8% | -95.6% |
| Volatility (ann.) | 14.3% | 60.9% |
| Beta vs S&P 500 | 0.87 | -3.31 |
| Max drawdown (3Y) | -17.6% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 7.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPXX | VXX |
|---|---|---|
| 2022 | -6.9% | -23.8% |
| 2023 | +0.9% | -72.5% |
| 2024 | +27.1% | -26.2% |
| 2025 | +9.8% | -42.2% |
| 2026 | +11.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPXX and VXX good diversifiers for each other?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPXX and VXX?
As of 2026-08-27, the correlation of weekly returns between SPXX and VXX is -0.73 over 3 years, -0.68 over 1 year and -0.63 over 5 years.
Is VXX a good diversifier for SPXX?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.73 mean?
On the −1 to +1 scale, -0.73 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/spxx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spxx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPXX correlations · VXX correlations
