VXX vs WEA: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Western Asset Bond Fund Share of Beneficial Interest (WEA) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WEA?
Over the past 3 years, VXX and WEA moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.69 versus -0.49 over 3 years. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -313.0 %².
Within VXX's tracked universe of 2872 assets, WEA comes in at #2527 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WEA outperformed by 51.9 percentage points (-49.7% for VXX against +2.2% for WEA). One caveat on sizing: VXX is 5.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WEA: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WEA (Western Asset Bond Fund Share of Beneficial Interest) | |
|---|---|---|
| 1-year return | -49.7% | +2.2% |
| 5-year return | -95.6% | +4.5% |
| Volatility (ann.) | 60.9% | 10.5% |
| Beta vs S&P 500 | -3.31 | 0.29 |
| Max drawdown (3Y) | -83.3% | -11.4% |
| Market cap | – | – |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 0.00% | 4.03% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WEA |
|---|---|---|
| 2022 | -23.8% | -20.2% |
| 2023 | -72.5% | +9.6% |
| 2024 | -26.2% | +7.7% |
| 2025 | -42.2% | +10.6% |
| 2026 | -31.6% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WEA good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and WEA?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.69 over the last year and -0.39 over 5 years.
Is WEA a good diversifier for VXX?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxx-vs-wea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-wea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · WEA correlations
