THG vs VXX: Correlation
Measured on weekly returns over the past three years, Hanover Insurance Group Inc (THG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are THG and VXX?
Over the past 3 years, THG and VXX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -319.7 %².
Out of 20 assets tracked against THG, VXX lands near the bottom at #19. Correlation aside, the last 12 months split them widely, with THG ahead by 82.8 points (+33.1% versus -49.7%). One caveat on sizing: VXX is 2.8 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.
THG vs VXX: side by side
| THG (Hanover Insurance Group Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.1% | -49.7% |
| 5-year return | +81.9% | -95.6% |
| Volatility (ann.) | 21.9% | 60.9% |
| Beta vs S&P 500 | 0.24 | -3.31 |
| Max drawdown (3Y) | -14.0% | -83.3% |
| Market cap | $7.9B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 1.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | THG | VXX |
|---|---|---|
| 2022 | +5.4% | -23.8% |
| 2023 | -7.6% | -72.5% |
| 2024 | +30.6% | -26.2% |
| 2025 | +20.7% | -42.2% |
| 2026 | +25.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are THG and VXX good diversifiers for each other?
Yes. With a correlation of -0.24, THG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between THG and VXX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.16 over the last year and -0.27 over 5 years.
Is VXX a good diversifier for THG?
Yes. With a correlation of -0.24, THG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/thg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/thg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: THG correlations · VXX correlations
