USMV vs VXX: Correlation
iShares MSCI USA Min Vol Factor ETF (USMV) 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 -0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and VXX?
Over the past 3 years, USMV and VXX moved with a correlation of -0.60, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.43) runs above the 3-year figure (-0.60). Over 5 years the correlation is -0.55, and the annualized covariance of weekly returns is -363.0 %².
VXX is close to the least connected end of USMV's tracked universe, ranking #124 of 125. Correlation aside, the last 12 months split them widely, with USMV ahead by 59.8 points (+10.1% versus -49.7%). Note the risk asymmetry: VXX runs 6.2 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.
USMV vs VXX: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.1% | -49.7% |
| 5-year return | +42.3% | -95.6% |
| Volatility (ann.) | 9.9% | 60.9% |
| Beta vs S&P 500 | 0.51 | -3.31 |
| Max drawdown (3Y) | -9.4% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.48% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $23.6B | – |
| Sector / category | ETF · US Style | US Listed |
USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Year-by-year returns
| Year | USMV | VXX |
|---|---|---|
| 2022 | -9.4% | -23.8% |
| 2023 | +10.3% | -72.5% |
| 2024 | +15.7% | -26.2% |
| 2025 | +7.6% | -42.2% |
| 2026 | +9.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USMV and VXX good diversifiers for each other?
Yes. With a correlation of -0.60, USMV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between USMV and VXX?
As of 2026-08-27, the correlation of weekly returns between USMV and VXX is -0.60 over 3 years, -0.43 over 1 year and -0.55 over 5 years.
Is VXX a good diversifier for USMV?
Yes. With a correlation of -0.60, USMV and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.60 mean?
On the −1 to +1 scale, -0.60 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/usmv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/usmv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: USMV correlations · VXX correlations
