SW vs VXX: Correlation
Measured on weekly returns over the past three years, Smurfit Westrock (SW) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SW and VXX?
Over the past 3 years, SW and VXX moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.37). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -898.3 %².
VXX is close to the least connected end of SW's tracked universe, ranking #30 of 30. Correlation aside, the last 12 months split them widely, with SW ahead by 59.4 points (+9.7% versus -49.7%). Note the risk asymmetry: VXX runs 1.5 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.
SW vs VXX: side by side
| SW (Smurfit Westrock) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.7% | -49.7% |
| 5-year return | +2.6% | -95.6% |
| Volatility (ann.) | 40.1% | 60.9% |
| Beta vs S&P 500 | 0.92 | -3.31 |
| Max drawdown (3Y) | -40.5% | -83.3% |
| Market cap | $25.5B | – |
| P/E (trailing) | 51.7 | – |
| Dividend yield | 3.57% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | SW | VXX |
|---|---|---|
| 2022 | -28.0% | -23.8% |
| 2023 | +14.1% | -72.5% |
| 2024 | +37.6% | -26.2% |
| 2025 | -26.2% | -42.2% |
| 2026 | +29.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SW and VXX good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SW and VXX?
As of 2026-08-27, the correlation of weekly returns between SW and VXX is -0.37 over 3 years, -0.24 over 1 year and -0.33 over 5 years.
Is VXX a good diversifier for SW?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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/sw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SW correlations · VXX correlations
