UP vs VXX: Correlation
Wheels Up Experience Inc. (UP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UP and VXX?
Over the past 3 years, UP and VXX moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -1868.8 %².
Out of 10 assets tracked against UP, VXX lands near the bottom at #9. The last year tells two different stories: VXX led by 41.8 percentage points, -91.5% for UP against -49.7% for VXX. Note the risk asymmetry: UP runs 2.3 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.
UP vs VXX: side by side
| UP (Wheels Up Experience Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -91.5% | -49.7% |
| 5-year return | -99.6% | -95.6% |
| Volatility (ann.) | 142.6% | 60.9% |
| Beta vs S&P 500 | 1.69 | -3.31 |
| Max drawdown (3Y) | -95.8% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UP | VXX |
|---|---|---|
| 2022 | -77.8% | -23.8% |
| 2023 | -66.7% | -72.5% |
| 2024 | -51.9% | -26.2% |
| 2025 | -60.2% | -42.2% |
| 2026 | -62.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UP and VXX good diversifiers for each other?
Yes. With a correlation of -0.22, UP and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UP and VXX?
The UP/VXX correlation stands at -0.22 on a 3-year window (1 year: -0.17, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for UP?
Yes. With a correlation of -0.22, UP and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/up-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/up-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UP correlations · VXX correlations
