SPYG vs VXX: Correlation
SPDR Portfolio S&P 500 Growth ETF (SPYG) 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 -0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and VXX?
Over the past 3 years, SPYG and VXX moved with a correlation of -0.71, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.66) sits close to the 3-year figure. Over 5 years the correlation is -0.63, and the annualized covariance of weekly returns is -821.1 %².
Among the 97 assets we track against SPYG, VXX sits near the bottom by co-movement, at rank #96. Correlation aside, the last 12 months split them widely, with SPYG ahead by 72.1 points (+22.4% versus -49.7%). One caveat on sizing: VXX is 3.2 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.
SPYG vs VXX: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.4% | -49.7% |
| 5-year return | +85.9% | -95.6% |
| Volatility (ann.) | 18.9% | 60.9% |
| Beta vs S&P 500 | 1.25 | -3.31 |
| Max drawdown (3Y) | -22.1% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.49% | 0.00% |
| Expense ratio | 0.04% | – |
| Assets under management | $52.2B | – |
| Sector / category | ETF · US Style | US Listed |
SPYG, State Street Investment Management's Large Growth fund, carries $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | SPYG | VXX |
|---|---|---|
| 2022 | -29.4% | -23.8% |
| 2023 | +30.0% | -72.5% |
| 2024 | +36.0% | -26.2% |
| 2025 | +22.1% | -42.2% |
| 2026 | +14.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VXX good diversifiers for each other?
Yes: at -0.71, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPYG and VXX?
Using weekly returns as of 2026-08-27: -0.71 over 3 years, with -0.66 over the last year and -0.63 over 5 years.
Is VXX a good diversifier for SPYG?
Yes: at -0.71, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.71 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/spyg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPYG correlations · VXX correlations
