TNL vs VXX: Correlation
Travel Leisure Co. (TNL) 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 -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNL and VXX?
Over the past 3 years, TNL and VXX moved with a correlation of -0.54, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.40) runs above the 3-year figure (-0.54). Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -985.7 %².
Among the 34 assets we track against TNL, VXX sits near the bottom by co-movement, at rank #34. Correlation aside, the last 12 months split them widely, with TNL ahead by 68.9 points (+19.2% versus -49.7%). Risk is not evenly split, since VXX carries 2.0 times the volatility of the other side.
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.
TNL vs VXX: side by side
| TNL (Travel Leisure Co.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.2% | -49.7% |
| 5-year return | +59.9% | -95.6% |
| Volatility (ann.) | 30.1% | 60.9% |
| Beta vs S&P 500 | 1.19 | -3.31 |
| Max drawdown (3Y) | -32.2% | -83.3% |
| Market cap | $4.4B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 3.15% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TNL | VXX |
|---|---|---|
| 2022 | -31.7% | -23.8% |
| 2023 | +12.5% | -72.5% |
| 2024 | +34.8% | -26.2% |
| 2025 | +45.5% | -42.2% |
| 2026 | +3.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
FAQ
What is the correlation between TNL and VXX?
As of 2026-08-27, the correlation of weekly returns between TNL and VXX is -0.54 over 3 years, -0.40 over 1 year and -0.46 over 5 years.
Is VXX a good diversifier for TNL?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
What does a correlation of -0.54 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/tnl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TNL correlations · VXX correlations
