USA vs VXX: Correlation
How closely do Liberty All-Star Equity Fund (USA) 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 -0.69, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USA and VXX?
Over the past 3 years, USA and VXX moved with a correlation of -0.69, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.69 lands near the 3-year figure. Over 5 years the correlation is -0.56, and the annualized covariance of weekly returns is -634.8 %².
VXX is close to the least connected end of USA's tracked universe, ranking #31 of 31. The last year tells two different stories: USA led by 51.3 percentage points, +1.6% for USA against -49.7% for VXX. Note the risk asymmetry: VXX runs 4.0 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.
USA vs VXX: side by side
| USA (Liberty All-Star Equity Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.6% | -49.7% |
| 5-year return | +18.1% | -95.6% |
| Volatility (ann.) | 15.2% | 60.9% |
| Beta vs S&P 500 | 0.89 | -3.31 |
| Max drawdown (3Y) | -17.7% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 11.19% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | USA | VXX |
|---|---|---|
| 2022 | -25.2% | -23.8% |
| 2023 | +23.2% | -72.5% |
| 2024 | +20.8% | -26.2% |
| 2025 | +0.1% | -42.2% |
| 2026 | +3.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USA and VXX good diversifiers for each other?
Yes. With a correlation of -0.69, USA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between USA and VXX?
As of 2026-08-27, the correlation of weekly returns between USA and VXX is -0.69 over 3 years, -0.69 over 1 year and -0.56 over 5 years.
Is VXX a good diversifier for USA?
Yes. With a correlation of -0.69, USA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.69 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usa-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/usa-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: USA correlations · VXX correlations
