VNOM vs VXX: Correlation
How closely do Viper Energy, Inc. (VNOM) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VNOM and VXX?
Over the past 3 years, VNOM and VXX moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.01) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -534.6 %².
VXX is close to the least connected end of VNOM's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months VNOM outperformed by 70.2 percentage points (+20.5% for VNOM 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.
VNOM vs VXX: side by side
| VNOM (Viper Energy, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.5% | -49.7% |
| 5-year return | +230.6% | -95.6% |
| Volatility (ann.) | 31.8% | 60.9% |
| Beta vs S&P 500 | 0.33 | -3.31 |
| Max drawdown (3Y) | -34.5% | -83.3% |
| Market cap | $23.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.54% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VNOM | VXX |
|---|---|---|
| 2022 | +61.7% | -23.8% |
| 2023 | +4.8% | -72.5% |
| 2024 | +65.5% | -26.2% |
| 2025 | -16.6% | -42.2% |
| 2026 | +20.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VNOM and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between VNOM and VXX?
As of 2026-08-27, the correlation of weekly returns between VNOM and VXX is -0.28 over 3 years, -0.01 over 1 year and -0.24 over 5 years.
Is VXX a good diversifier for VNOM?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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/vnom-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vnom-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VNOM correlations · VXX correlations
