UCIB vs VXX: Correlation
How closely do ETRACS UBS Bloomberg Constant Maturity Commodity Index (UCIB) 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 UCIB and VXX?
Over the past 3 years, UCIB 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 (-0.07) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -302.3 %².
VXX is close to the least connected end of UCIB's tracked universe, ranking #11 of 11. The last year tells two different stories: UCIB led by 88.2 percentage points, +38.5% for UCIB against -49.7% for VXX. Risk is not evenly split, since VXX carries 3.4 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.
UCIB vs VXX: side by side
| UCIB (ETRACS UBS Bloomberg Constant Maturity Commodity Index) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +38.5% | -49.7% |
| 5-year return | +88.1% | -95.6% |
| Volatility (ann.) | 17.7% | 60.9% |
| Beta vs S&P 500 | 0.28 | -3.31 |
| Max drawdown (3Y) | -22.7% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UCIB | VXX |
|---|---|---|
| 2022 | +18.2% | -23.8% |
| 2023 | -2.3% | -72.5% |
| 2024 | +6.6% | -26.2% |
| 2025 | +9.0% | -42.2% |
| 2026 | +32.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UCIB and VXX good diversifiers for each other?
Yes. With a correlation of -0.28, UCIB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UCIB and VXX?
The UCIB/VXX correlation stands at -0.28 on a 3-year window (1 year: -0.07, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for UCIB?
Yes. With a correlation of -0.28, UCIB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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/ucib-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ucib-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UCIB correlations · VXX correlations
