TNC vs VXX: Correlation
How closely do Tennant Company (TNC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNC and VXX?
Across a 3-year window, the weekly returns of TNC and VXX correlate at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.39). Stretching to 5 years gives -0.36, with an annualized covariance of -751.5 %².
Out of 16 assets tracked against TNC, VXX lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months TNC outperformed by 34.7 percentage points (-15.0% for TNC against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.9 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.
TNC vs VXX: side by side
| TNC (Tennant Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.0% | -49.7% |
| 5-year return | +1.8% | -95.6% |
| Volatility (ann.) | 31.5% | 60.9% |
| Beta vs S&P 500 | 0.90 | -3.31 |
| Max drawdown (3Y) | -49.0% | -83.3% |
| Market cap | $1.2B | – |
| P/E (trailing) | 67.3 | – |
| Dividend yield | 1.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TNC | VXX |
|---|---|---|
| 2022 | -22.8% | -23.8% |
| 2023 | +52.6% | -72.5% |
| 2024 | -11.0% | -26.2% |
| 2025 | -8.2% | -42.2% |
| 2026 | -4.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNC and VXX good diversifiers for each other?
Yes. With a correlation of -0.39, TNC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TNC and VXX?
As of 2026-08-27, the correlation of weekly returns between TNC and VXX is -0.39 over 3 years, -0.18 over 1 year and -0.36 over 5 years.
Is VXX a good diversifier for TNC?
Yes. With a correlation of -0.39, TNC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
A reading of -0.39 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/tnc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TNC correlations · VXX correlations
