ULCC vs VXX: Correlation
How closely do Frontier Group Holdings, Inc. (ULCC) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ULCC and VXX?
Across a 3-year window, the weekly returns of ULCC and VXX correlate at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -1740.6 %².
Out of 15 assets tracked against ULCC, VXX lands near the bottom at #15. Correlation aside, the last 12 months split them widely, with ULCC ahead by 73.1 points (+23.4% versus -49.7%).
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.
ULCC vs VXX: side by side
| ULCC (Frontier Group Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.4% | -49.7% |
| 5-year return | -61.9% | -95.6% |
| Volatility (ann.) | 81.0% | 60.9% |
| Beta vs S&P 500 | 2.06 | -3.31 |
| Max drawdown (3Y) | -70.4% | -83.3% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ULCC | VXX |
|---|---|---|
| 2022 | -24.3% | -23.8% |
| 2023 | -46.8% | -72.5% |
| 2024 | +30.2% | -26.2% |
| 2025 | -33.8% | -42.2% |
| 2026 | +25.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ULCC and VXX good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ULCC and VXX?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.41 over the last year and -0.36 over 5 years.
Is VXX a good diversifier for ULCC?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/ulcc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ulcc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ULCC correlations · VXX correlations
