VXX vs WERN: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Werner Enterprises, Inc. (WERN) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WERN?
Across a 3-year window, the weekly returns of VXX and WERN correlate at -0.39, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.29) runs above the 3-year figure (-0.39). Stretching to 5 years gives -0.36, with an annualized covariance of -707.7 %².
Within VXX's tracked universe of 2872 assets, WERN comes in at #1876 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WERN ahead by 85.7 points (-49.7% versus +36.0%). Risk is not evenly split, since VXX carries 2.0 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 WERN: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WERN (Werner Enterprises, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +36.0% |
| 5-year return | -95.6% | -14.3% |
| Volatility (ann.) | 60.9% | 29.9% |
| Beta vs S&P 500 | -3.31 | 0.80 |
| Max drawdown (3Y) | -83.3% | -44.5% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WERN |
|---|---|---|
| 2022 | -23.8% | -14.4% |
| 2023 | -72.5% | +6.6% |
| 2024 | -26.2% | -14.2% |
| 2025 | -42.2% | -14.9% |
| 2026 | -31.6% | +30.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WERN good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and WERN?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.29 over the last year and -0.36 over 5 years.
Is WERN a good diversifier for VXX?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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-wern.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-wern/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · WERN correlations
