VLT vs VXX: Correlation
Measured on weekly returns over the past three years, Invesco High Income Trust II (VLT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.58, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VLT and VXX?
Over the past 3 years, VLT and VXX moved with a correlation of -0.58, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.57) sits close to the 3-year figure. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -352.4 %².
VXX is close to the least connected end of VLT's tracked universe, ranking #40 of 40. Correlation aside, the last 12 months split them widely, with VLT ahead by 48.4 points (-1.3% versus -49.7%). Risk is not evenly split, since VXX carries 6.1 times the volatility of the other side.
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.
VLT vs VXX: side by side
| VLT (Invesco High Income Trust II) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.3% | -49.7% |
| 5-year return | +12.4% | -95.6% |
| Volatility (ann.) | 10.0% | 60.9% |
| Beta vs S&P 500 | 0.47 | -3.31 |
| Max drawdown (3Y) | -13.4% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 13.9 | – |
| Dividend yield | 11.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VLT | VXX |
|---|---|---|
| 2022 | -20.9% | -23.8% |
| 2023 | +13.1% | -72.5% |
| 2024 | +17.3% | -26.2% |
| 2025 | +13.2% | -42.2% |
| 2026 | -4.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VLT and VXX good diversifiers for each other?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VLT and VXX?
Using weekly returns as of 2026-08-27: -0.58 over 3 years, with -0.57 over the last year and -0.48 over 5 years.
Is VXX a good diversifier for VLT?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.58 mean?
A reading of -0.58 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/vlt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vlt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VLT correlations · VXX correlations
