TAN vs VXX: Correlation
Invesco Solar ETF (TAN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TAN and VXX?
On 3 years of weekly data the TAN/VXX correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. The 5-year figure is -0.38, and annualized covariance runs at -789.5 %².
VXX is close to the least connected end of TAN's tracked universe, ranking #37 of 37. Correlation aside, the last 12 months split them widely, with TAN ahead by 71.1 points (+21.4% versus -49.7%). One caveat on sizing: VXX is 1.6 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.
TAN vs VXX: side by side
| TAN (Invesco Solar ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.4% | -49.7% |
| 5-year return | -41.9% | -95.6% |
| Volatility (ann.) | 37.4% | 60.9% |
| Beta vs S&P 500 | 1.04 | -3.31 |
| Max drawdown (3Y) | -55.4% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | TAN | VXX |
|---|---|---|
| 2022 | -5.2% | -23.8% |
| 2023 | -26.8% | -72.5% |
| 2024 | -37.6% | -26.2% |
| 2025 | +48.3% | -42.2% |
| 2026 | +1.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TAN and VXX good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TAN and VXX?
As of 2026-08-27, the correlation of weekly returns between TAN and VXX is -0.35 over 3 years, -0.31 over 1 year and -0.38 over 5 years.
Is VXX a good diversifier for TAN?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 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/tan-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tan-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TAN correlations · VXX correlations
