STLD vs VXX: Correlation
Measured on weekly returns over the past three years, Steel Dynamics (STLD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STLD and VXX?
On 3 years of weekly data the STLD/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.38). The 5-year figure is -0.36, and annualized covariance runs at -799.9 %².
VXX is close to the least connected end of STLD's tracked universe, ranking #32 of 33. The last year tells two different stories: STLD led by 129.5 percentage points, +79.8% for STLD against -49.7% for VXX. One caveat on sizing: VXX is 1.8 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.
STLD vs VXX: side by side
| STLD (Steel Dynamics) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +79.8% | -49.7% |
| 5-year return | +262.0% | -95.6% |
| Volatility (ann.) | 34.5% | 60.9% |
| Beta vs S&P 500 | 1.13 | -3.31 |
| Max drawdown (3Y) | -28.7% | -83.3% |
| Market cap | $33.8B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 0.87% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | STLD | VXX |
|---|---|---|
| 2022 | +60.1% | -23.8% |
| 2023 | +22.8% | -72.5% |
| 2024 | -2.0% | -26.2% |
| 2025 | +50.7% | -42.2% |
| 2026 | +39.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STLD and VXX good diversifiers for each other?
Yes. With a correlation of -0.38, STLD and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between STLD and VXX?
As of 2026-08-27, the correlation of weekly returns between STLD and VXX is -0.38 over 3 years, -0.22 over 1 year and -0.36 over 5 years.
Is VXX a good diversifier for STLD?
Yes. With a correlation of -0.38, STLD and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/stld-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/stld-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: STLD correlations · VXX correlations
