VLO vs VXX: Correlation
Measured on weekly returns over the past three years, Valero Energy (VLO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VLO and VXX?
Across a 3-year window, the weekly returns of VLO and VXX correlate at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.23 versus -0.29 over 3 years. Stretching to 5 years gives -0.26, with an annualized covariance of -611.2 %².
VXX is close to the least connected end of VLO's tracked universe, ranking #27 of 28. The last year tells two different stories: VLO led by 184.5 percentage points, +134.8% for VLO against -49.7% for VXX. One caveat on sizing: VXX is 1.8 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.
VLO vs VXX: side by side
| VLO (Valero Energy) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +134.8% | -49.7% |
| 5-year return | +512.9% | -95.6% |
| Volatility (ann.) | 34.8% | 60.9% |
| Beta vs S&P 500 | 0.55 | -3.31 |
| Max drawdown (3Y) | -41.2% | -83.3% |
| Market cap | $99.8B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 1.34% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | VLO | VXX |
|---|---|---|
| 2022 | +75.0% | -23.8% |
| 2023 | +5.9% | -72.5% |
| 2024 | -3.0% | -26.2% |
| 2025 | +37.0% | -42.2% |
| 2026 | +116.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VLO and VXX good diversifiers for each other?
Yes. With a correlation of -0.29, VLO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VLO and VXX?
As of 2026-08-27, the correlation of weekly returns between VLO and VXX is -0.29 over 3 years, 0.23 over 1 year and -0.26 over 5 years.
Is VXX a good diversifier for VLO?
Yes. With a correlation of -0.29, VLO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/vlo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vlo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VLO correlations · VXX correlations
