USB vs VXX: Correlation
How closely do U.S. Bancorp (USB) 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 -0.58, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USB and VXX?
On 3 years of weekly data the USB/VXX correlation comes out at -0.58, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.49) sits close to the 3-year figure. The 5-year figure is -0.54, and annualized covariance runs at -965.7 %².
Out of 55 assets tracked against USB, VXX lands near the bottom at #54. Their recent paths diverged sharply: over the last 12 months USB outperformed by 82.8 percentage points (+33.1% for USB against -49.7% for VXX). One caveat on sizing: VXX is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
USB vs VXX: side by side
| USB (U.S. Bancorp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.1% | -49.7% |
| 5-year return | +36.0% | -95.6% |
| Volatility (ann.) | 27.3% | 60.9% |
| Beta vs S&P 500 | 1.09 | -3.31 |
| Max drawdown (3Y) | -30.6% | -83.3% |
| Market cap | $97.2B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 3.31% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | USB | VXX |
|---|---|---|
| 2022 | -19.1% | -23.8% |
| 2023 | +4.8% | -72.5% |
| 2024 | +15.6% | -26.2% |
| 2025 | +16.5% | -42.2% |
| 2026 | +19.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USB and VXX good diversifiers for each other?
Yes. With a correlation of -0.58, USB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between USB and VXX?
Using weekly returns as of 2026-08-27: -0.58 over 3 years, with -0.49 over the last year and -0.54 over 5 years.
Is VXX a good diversifier for USB?
Yes. With a correlation of -0.58, USB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.58 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/usb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/usb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: USB correlations · VXX correlations
