SPYV vs VXX: Correlation
How closely do SPDR Portfolio S&P 500 Value ETF (SPYV) 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 -0.72, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VXX?
Over the past 3 years, SPYV and VXX moved with a correlation of -0.72, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.67 over 1 year against -0.72 over 3. Over 5 years the correlation is -0.65, and the annualized covariance of weekly returns is -531.9 %².
VXX is close to the least connected end of SPYV's tracked universe, ranking #147 of 148. The last year tells two different stories: SPYV led by 68.2 percentage points, +18.5% for SPYV against -49.7% for VXX. Note the risk asymmetry: VXX runs 5.0 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.
SPYV vs VXX: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.5% | -49.7% |
| 5-year return | +73.5% | -95.6% |
| Volatility (ann.) | 12.1% | 60.9% |
| Beta vs S&P 500 | 0.70 | -3.31 |
| Max drawdown (3Y) | -17.5% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.69% | 0.00% |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | US Listed |
On the fund side, SPYV sits in the Large Value category at State Street Investment Management, with $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | SPYV | VXX |
|---|---|---|
| 2022 | -5.3% | -23.8% |
| 2023 | +22.2% | -72.5% |
| 2024 | +12.2% | -26.2% |
| 2025 | +13.2% | -42.2% |
| 2026 | +12.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VXX good diversifiers for each other?
Yes. With a correlation of -0.72, SPYV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPYV and VXX?
As of 2026-08-27, the correlation of weekly returns between SPYV and VXX is -0.72 over 3 years, -0.67 over 1 year and -0.65 over 5 years.
Is VXX a good diversifier for SPYV?
Yes. With a correlation of -0.72, SPYV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.72 mean?
A reading of -0.72 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/spyv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPYV correlations · VXX correlations
