SPY vs VXX: Correlation
SPDR S&P 500 ETF Trust (SPY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VXX?
Across a 3-year window, the weekly returns of SPY and VXX correlate at -0.78, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.74 lands near the 3-year figure. Stretching to 5 years gives -0.69, with an annualized covariance of -690.9 %².
Among the 4755 assets we track against SPY, VXX sits near the bottom by co-movement, at rank #4754. Correlation aside, the last 12 months split them widely, with SPY ahead by 70.3 points (+20.6% versus -49.7%). Risk is not evenly split, since VXX carries 4.2 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.
SPY vs VXX: side by side
| SPY (SPDR S&P 500 ETF Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.6% | -49.7% |
| 5-year return | +82.4% | -95.6% |
| Volatility (ann.) | 14.5% | 60.9% |
| Beta vs S&P 500 | 1.00 | -3.31 |
| Max drawdown (3Y) | -18.8% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | VXX |
|---|---|---|
| 2022 | -18.2% | -23.8% |
| 2023 | +26.2% | -72.5% |
| 2024 | +24.9% | -26.2% |
| 2025 | +17.7% | -42.2% |
| 2026 | +13.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.78 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and VXX?
As of 2026-08-27, the correlation of weekly returns between SPY and VXX is -0.78 over 3 years, -0.74 over 1 year and -0.69 over 5 years.
Is VXX a good diversifier for SPY?
By historical standards, yes. A correlation of -0.78 means the two rarely move for the same reasons.
What does a correlation of -0.78 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/spy-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VXX correlations
