UTG vs VXX: Correlation
Reaves Utility Income Fund (UTG) 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 -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UTG and VXX?
Across a 3-year window, the weekly returns of UTG and VXX correlate at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.25) than the 3-year average (-0.42). Stretching to 5 years gives -0.40, with an annualized covariance of -487.5 %².
Among the 23 assets we track against UTG, VXX sits near the bottom by co-movement, at rank #22. The last year tells two different stories: UTG led by 56.5 percentage points, +6.8% for UTG against -49.7% for VXX. One caveat on sizing: VXX is 3.2 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.
UTG vs VXX: side by side
| UTG (Reaves Utility Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.8% | -49.7% |
| 5-year return | +53.5% | -95.6% |
| Volatility (ann.) | 19.1% | 60.9% |
| Beta vs S&P 500 | 0.67 | -3.31 |
| Max drawdown (3Y) | -14.9% | -83.3% |
| Market cap | $3.5B | – |
| P/E (trailing) | 2.8 | – |
| Dividend yield | 6.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UTG | VXX |
|---|---|---|
| 2022 | -13.4% | -23.8% |
| 2023 | +2.8% | -72.5% |
| 2024 | +28.1% | -26.2% |
| 2025 | +23.2% | -42.2% |
| 2026 | +8.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UTG and VXX good diversifiers for each other?
Yes. With a correlation of -0.42, UTG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UTG and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.25 over the last year and -0.40 over 5 years.
Is VXX a good diversifier for UTG?
Yes. With a correlation of -0.42, UTG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 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/utg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/utg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UTG correlations · VXX correlations
