VNO vs VXX: Correlation
How closely do Vornado Realty Trust (VNO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VNO and VXX?
Over the past 3 years, VNO and VXX moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -1104.6 %².
Among the 16 assets we track against VNO, VXX sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with VNO ahead by 54.8 points (+5.1% versus -49.7%). Risk is not evenly split, since VXX carries 1.6 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.
VNO vs VXX: side by side
| VNO (Vornado Realty Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.1% | -49.7% |
| 5-year return | +8.4% | -95.6% |
| Volatility (ann.) | 39.1% | 60.9% |
| Beta vs S&P 500 | 1.34 | -3.31 |
| Max drawdown (3Y) | -43.9% | -83.3% |
| Market cap | $7.7B | – |
| P/E (trailing) | 1290.7 | – |
| Dividend yield | 1.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VNO | VXX |
|---|---|---|
| 2022 | -46.7% | -23.8% |
| 2023 | +39.5% | -72.5% |
| 2024 | +51.3% | -26.2% |
| 2025 | -19.1% | -42.2% |
| 2026 | +16.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VNO and VXX good diversifiers for each other?
Yes. With a correlation of -0.46, VNO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VNO and VXX?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.41 over the last year and -0.44 over 5 years.
Is VXX a good diversifier for VNO?
Yes. With a correlation of -0.46, VNO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
A reading of -0.46 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/vno-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vno-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VNO correlations · VXX correlations
