TW vs VXX: Correlation
How closely do Tradeweb Markets Inc. (TW) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TW and VXX?
Over the past 3 years, TW and VXX moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -393.3 %².
VXX is close to the least connected end of TW's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with TW ahead by 35.8 points (-13.9% versus -49.7%). One caveat on sizing: VXX is 2.6 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.
TW vs VXX: side by side
| TW (Tradeweb Markets Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.9% | -49.7% |
| 5-year return | +24.2% | -95.6% |
| Volatility (ann.) | 23.1% | 60.9% |
| Beta vs S&P 500 | 0.39 | -3.31 |
| Max drawdown (3Y) | -38.3% | -83.3% |
| Market cap | $23.4B | – |
| P/E (trailing) | 25.6 | – |
| Dividend yield | 0.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TW | VXX |
|---|---|---|
| 2022 | -34.9% | -23.8% |
| 2023 | +40.6% | -72.5% |
| 2024 | +44.6% | -26.2% |
| 2025 | -17.5% | -42.2% |
| 2026 | +0.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TW and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between TW and VXX?
The TW/VXX correlation stands at -0.28 on a 3-year window (1 year: -0.15, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for TW?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TW correlations · VXX correlations
