VOYA vs VXX: Correlation
Voya Financial, Inc. (VOYA) 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 -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VOYA and VXX?
Across a 3-year window, the weekly returns of VOYA and VXX correlate at -0.53, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.53). Stretching to 5 years gives -0.53, with an annualized covariance of -815.5 %².
Among the 11 assets we track against VOYA, VXX sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with VOYA ahead by 86.4 points (+36.7% versus -49.7%). Risk is not evenly split, since VXX carries 2.4 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.
VOYA vs VXX: side by side
| VOYA (Voya Financial, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.7% | -49.7% |
| 5-year return | +72.0% | -95.6% |
| Volatility (ann.) | 25.1% | 60.9% |
| Beta vs S&P 500 | 0.90 | -3.31 |
| Max drawdown (3Y) | -34.6% | -83.3% |
| Market cap | $9.2B | – |
| P/E (trailing) | 17.1 | – |
| Dividend yield | 1.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VOYA | VXX |
|---|---|---|
| 2022 | -6.1% | -23.8% |
| 2023 | +20.7% | -72.5% |
| 2024 | -3.4% | -26.2% |
| 2025 | +11.1% | -42.2% |
| 2026 | +38.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VOYA and VXX good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VOYA and VXX?
As of 2026-08-27, the correlation of weekly returns between VOYA and VXX is -0.53 over 3 years, -0.25 over 1 year and -0.53 over 5 years.
Is VXX a good diversifier for VOYA?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 mean?
A reading of -0.53 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/voya-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/voya-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VOYA correlations · VXX correlations
