VXX vs VYM: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Vanguard High Dividend Yield ETF (VYM) trade together? Their weekly returns over three years give a correlation of -0.72, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and VYM?
Over the past 3 years, VXX and VYM moved with a correlation of -0.72, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.59) runs above the 3-year figure (-0.72). Over 5 years the correlation is -0.64, and the annualized covariance of weekly returns is -535.5 %².
Among the 2872 assets we track against VXX, VYM ranks #2852 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VYM ahead by 70.8 points (-49.7% versus +21.1%). Note the risk asymmetry: VXX runs 5.0 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.
VXX vs VYM: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | -49.7% | +21.1% |
| 5-year return | -95.6% | +76.6% |
| Volatility (ann.) | 60.9% | 12.3% |
| Beta vs S&P 500 | -3.31 | 0.69 |
| Max drawdown (3Y) | -83.3% | -14.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.24% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $99.2B |
| Sector / category | US Listed | ETF · Dividend |
VYM, Vanguard's Large Value fund, carries $99.2B under management, 604 holdings, a 0.04% expense ratio, a 2.24% trailing dividend yield.
Year-by-year returns
| Year | VXX | VYM |
|---|---|---|
| 2022 | -23.8% | -0.4% |
| 2023 | -72.5% | +6.6% |
| 2024 | -26.2% | +17.6% |
| 2025 | -42.2% | +15.4% |
| 2026 | -31.6% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and VYM good diversifiers for each other?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and VYM?
The VXX/VYM correlation stands at -0.72 on a 3-year window (1 year: -0.59, 5 years: -0.64), computed from weekly returns as of 2026-08-27.
Is VYM a good diversifier for VXX?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.72 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.
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Hubs: VXX correlations · VYM correlations
