VTRS vs VXX: Correlation
Measured on weekly returns over the past three years, Viatris (VTRS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VTRS and VXX?
Across a 3-year window, the weekly returns of VTRS and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.34). Stretching to 5 years gives -0.34, with an annualized covariance of -674.3 %².
Among the 37 assets we track against VTRS, VXX sits near the bottom by co-movement, at rank #37. Their recent paths diverged sharply: over the last 12 months VTRS outperformed by 117.5 percentage points (+67.8% for VTRS 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.
VTRS vs VXX: side by side
| VTRS (Viatris) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +67.8% | -49.7% |
| 5-year return | +44.6% | -95.6% |
| Volatility (ann.) | 32.8% | 60.9% |
| Beta vs S&P 500 | 0.79 | -3.31 |
| Max drawdown (3Y) | -45.0% | -83.3% |
| Market cap | $19.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.85% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | VTRS | VXX |
|---|---|---|
| 2022 | -14.3% | -23.8% |
| 2023 | +2.1% | -72.5% |
| 2024 | +19.7% | -26.2% |
| 2025 | +5.1% | -42.2% |
| 2026 | +38.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VTRS and VXX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VTRS and VXX?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.17 over the last year and -0.34 over 5 years.
Is VXX a good diversifier for VTRS?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 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/vtrs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vtrs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VTRS correlations · VXX correlations
