STEP vs VXX: Correlation
How closely do StepStone Group Inc. (STEP) 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 -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STEP and VXX?
Over the past 3 years, STEP and VXX moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.44 over 3 years. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -1024.5 %².
VXX is close to the least connected end of STEP's tracked universe, ranking #14 of 15. Their recent paths diverged sharply: over the last 12 months STEP outperformed by 32.6 percentage points (-17.1% for STEP against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.6 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.
STEP vs VXX: side by side
| STEP (StepStone Group Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.1% | -49.7% |
| 5-year return | +20.7% | -95.6% |
| Volatility (ann.) | 37.9% | 60.9% |
| Beta vs S&P 500 | 1.43 | -3.31 |
| Max drawdown (3Y) | -46.9% | -83.3% |
| Market cap | $6.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | STEP | VXX |
|---|---|---|
| 2022 | -37.8% | -23.8% |
| 2023 | +31.7% | -72.5% |
| 2024 | +85.9% | -26.2% |
| 2025 | +13.6% | -42.2% |
| 2026 | -19.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STEP and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between STEP and VXX?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.25 over the last year and -0.48 over 5 years.
Is VXX a good diversifier for STEP?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 mean?
A reading of -0.44 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/step-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/step-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: STEP correlations · VXX correlations
