VLY vs VXX: Correlation
Valley National Bancorp (VLY) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VLY and VXX?
On 3 years of weekly data the VLY/VXX correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. The 5-year figure is -0.41, and annualized covariance runs at -914.9 %².
Among the 17 assets we track against VLY, VXX sits near the bottom by co-movement, at rank #16. Their recent paths diverged sharply: over the last 12 months VLY outperformed by 87.6 percentage points (+37.9% for VLY against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.9 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.
VLY vs VXX: side by side
| VLY (Valley National Bancorp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.9% | -49.7% |
| 5-year return | +32.9% | -95.6% |
| Volatility (ann.) | 32.8% | 60.9% |
| Beta vs S&P 500 | 0.93 | -3.31 |
| Max drawdown (3Y) | -39.5% | -83.3% |
| Market cap | $7.7B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 3.12% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VLY | VXX |
|---|---|---|
| 2022 | -14.6% | -23.8% |
| 2023 | +0.7% | -72.5% |
| 2024 | -11.9% | -26.2% |
| 2025 | +34.8% | -42.2% |
| 2026 | +21.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VLY and VXX good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VLY and VXX?
The VLY/VXX correlation stands at -0.46 on a 3-year window (1 year: -0.38, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for VLY?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 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/vly-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vly-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VLY correlations · VXX correlations
