UAL vs VXX: Correlation
How closely do United Airlines Holdings (UAL) 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 -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UAL and VXX?
Across a 3-year window, the weekly returns of UAL and VXX correlate at -0.44, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.48 lands near the 3-year figure. Stretching to 5 years gives -0.42, with an annualized covariance of -1238.5 %².
Out of 33 assets tracked against UAL, VXX lands near the bottom at #32. Their recent paths diverged sharply: over the last 12 months UAL outperformed by 57.5 percentage points (+7.8% for UAL against -49.7% for VXX).
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.
UAL vs VXX: side by side
| UAL (United Airlines Holdings) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.8% | -49.7% |
| 5-year return | +144.8% | -95.6% |
| Volatility (ann.) | 46.6% | 60.9% |
| Beta vs S&P 500 | 1.33 | -3.31 |
| Max drawdown (3Y) | -49.2% | -83.3% |
| Market cap | $36.5B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | UAL | VXX |
|---|---|---|
| 2022 | -13.9% | -23.8% |
| 2023 | +9.4% | -72.5% |
| 2024 | +135.3% | -26.2% |
| 2025 | +15.2% | -42.2% |
| 2026 | +0.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UAL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between UAL and VXX?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.48 over the last year and -0.42 over 5 years.
Is VXX a good diversifier for UAL?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 mean?
A reading of -0.44 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/ual-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ual-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UAL correlations · VXX correlations
