VXX vs WAL: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Western Alliance Bancorporation (WAL) show a negative relationship: their 3-year correlation of weekly returns is -0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WAL?
Over the past 3 years, VXX and WAL moved with a correlation of -0.57, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.46) than the 3-year average (-0.57). Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -1366.9 %².
By 3-year correlation, WAL places #2733 of the 2872 assets tracked against VXX. Correlation aside, the last 12 months split them widely, with WAL ahead by 40.4 points (-49.7% versus -9.3%). Risk is not evenly split, since VXX carries 1.5 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.
VXX vs WAL: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | -49.7% | -9.3% |
| 5-year return | -95.6% | -9.7% |
| Volatility (ann.) | 60.9% | 39.5% |
| Beta vs S&P 500 | -3.31 | 1.51 |
| Max drawdown (3Y) | -83.3% | -36.0% |
| Market cap | – | $8.6B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 0.00% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WAL |
|---|---|---|
| 2022 | -23.8% | -43.7% |
| 2023 | -72.5% | +14.1% |
| 2024 | -26.2% | +29.7% |
| 2025 | -42.2% | +2.5% |
| 2026 | -31.6% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WAL good diversifiers for each other?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and WAL?
As of 2026-08-27, the correlation of weekly returns between VXX and WAL is -0.57 over 3 years, -0.46 over 1 year and -0.47 over 5 years.
Is WAL a good diversifier for VXX?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.57 mean?
A reading of -0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: VXX correlations · WAL correlations
