SWX vs VXX: Correlation
Measured on weekly returns over the past three years, Southwest Gas Holdings, Inc. (SWX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SWX and VXX?
Across a 3-year window, the weekly returns of SWX and VXX correlate at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.03) runs above the 3-year figure (-0.28). Stretching to 5 years gives -0.24, with an annualized covariance of -355.6 %².
VXX is close to the least connected end of SWX's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months SWX outperformed by 67.4 percentage points (+17.7% for SWX against -49.7% for VXX). One caveat on sizing: VXX is 2.9 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.
SWX vs VXX: side by side
| SWX (Southwest Gas Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +17.7% | -49.7% |
| 5-year return | +51.6% | -95.6% |
| Volatility (ann.) | 21.1% | 60.9% |
| Beta vs S&P 500 | 0.35 | -3.31 |
| Max drawdown (3Y) | -14.8% | -83.3% |
| Market cap | $6.5B | – |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 2.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SWX | VXX |
|---|---|---|
| 2022 | -8.7% | -23.8% |
| 2023 | +6.6% | -72.5% |
| 2024 | +15.7% | -26.2% |
| 2025 | +16.9% | -42.2% |
| 2026 | +14.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SWX and VXX good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SWX and VXX?
The SWX/VXX correlation stands at -0.28 on a 3-year window (1 year: -0.03, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for SWX?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/swx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/swx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SWX correlations · VXX correlations
