VNQ vs VXX: Correlation
Measured on weekly returns over the past three years, Vanguard Real Estate ETF (VNQ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VNQ and VXX?
On 3 years of weekly data the VNQ/VXX correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.45 over 3 years. The 5-year figure is -0.46, and annualized covariance runs at -453.9 %².
Out of 149 assets tracked against VNQ, VXX lands near the bottom at #148. Correlation aside, the last 12 months split them widely, with VNQ ahead by 60.0 points (+10.3% versus -49.7%). Risk is not evenly split, since VXX carries 3.7 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.
VNQ vs VXX: side by side
| VNQ (Vanguard Real Estate ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.3% | -49.7% |
| 5-year return | +9.5% | -95.6% |
| Volatility (ann.) | 16.6% | 60.9% |
| Beta vs S&P 500 | 0.59 | -3.31 |
| Max drawdown (3Y) | -17.5% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.51% | 0.00% |
| Expense ratio | 0.13% | – |
| Assets under management | $73.1B | – |
| Sector / category | ETF · Real Estate | US Listed |
VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Year-by-year returns
| Year | VNQ | VXX |
|---|---|---|
| 2022 | -26.3% | -23.8% |
| 2023 | +11.9% | -72.5% |
| 2024 | +4.8% | -26.2% |
| 2025 | +3.2% | -42.2% |
| 2026 | +12.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VNQ and VXX good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VNQ and VXX?
As of 2026-08-27, the correlation of weekly returns between VNQ and VXX is -0.45 over 3 years, -0.26 over 1 year and -0.46 over 5 years.
Is VXX a good diversifier for VNQ?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
A reading of -0.45 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/vnq-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vnq-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VNQ correlations · VXX correlations
