TPG vs VXX: Correlation
Measured on weekly returns over the past three years, TPG Inc. (TPG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.52, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TPG and VXX?
On 3 years of weekly data the TPG/VXX correlation comes out at -0.52, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.39) runs above the 3-year figure (-0.52). The 5-year figure is -0.46, and annualized covariance runs at -1185.2 %².
Out of 16 assets tracked against TPG, VXX lands near the bottom at #14. The last year tells two different stories: TPG led by 41.6 percentage points, -8.1% for TPG against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.6 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.
TPG vs VXX: side by side
| TPG (TPG Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.1% | -49.7% |
| 5-year return | +91.2% | -95.6% |
| Volatility (ann.) | 37.6% | 60.9% |
| Beta vs S&P 500 | 1.62 | -3.31 |
| Max drawdown (3Y) | -44.8% | -83.3% |
| Market cap | $21.1B | – |
| P/E (trailing) | 78.2 | – |
| Dividend yield | 4.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TPG | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | +62.4% | -72.5% |
| 2024 | +50.6% | -26.2% |
| 2025 | +5.1% | -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 TPG and VXX good diversifiers for each other?
Yes. With a correlation of -0.52, TPG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TPG and VXX?
The TPG/VXX correlation stands at -0.52 on a 3-year window (1 year: -0.39, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for TPG?
Yes. With a correlation of -0.52, TPG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.52 mean?
A reading of -0.52 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/tpg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tpg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TPG correlations · VXX correlations
