TEI vs VXX: Correlation
Measured on weekly returns over the past three years, Templeton Emerging Markets Income Fund, Inc. (TEI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TEI and VXX?
Over the past 3 years, TEI and VXX moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.59 over 1 year against -0.49 over 3. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -469.8 %².
Out of 12 assets tracked against TEI, VXX lands near the bottom at #12. The last year tells two different stories: TEI led by 77.0 percentage points, +27.3% for TEI against -49.7% for VXX. One caveat on sizing: VXX is 3.9 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.
TEI vs VXX: side by side
| TEI (Templeton Emerging Markets Income Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +27.3% | -49.7% |
| 5-year return | +54.4% | -95.6% |
| Volatility (ann.) | 15.8% | 60.9% |
| Beta vs S&P 500 | 0.58 | -3.31 |
| Max drawdown (3Y) | -14.5% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 8.36% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TEI | VXX |
|---|---|---|
| 2022 | -15.5% | -23.8% |
| 2023 | +3.8% | -72.5% |
| 2024 | +11.9% | -26.2% |
| 2025 | +45.6% | -42.2% |
| 2026 | +12.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TEI and VXX good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TEI and VXX?
The TEI/VXX correlation stands at -0.49 on a 3-year window (1 year: -0.59, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for TEI?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 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/tei-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tei-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TEI correlations · VXX correlations
