VXX vs WEX: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and WEX Inc. (WEX) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WEX?
On 3 years of weekly data the VXX/WEX correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.36 over 3 years. The 5-year figure is -0.36, and annualized covariance runs at -769.9 %².
By 3-year correlation, WEX places #1614 of the 2872 assets tracked against VXX. Their recent paths diverged sharply: over the last 12 months WEX outperformed by 64.4 percentage points (-49.7% for VXX against +14.7% for WEX). One caveat on sizing: VXX is 1.7 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 WEX: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WEX (WEX Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +14.7% |
| 5-year return | -95.6% | +8.4% |
| Volatility (ann.) | 60.9% | 35.5% |
| Beta vs S&P 500 | -3.31 | 0.97 |
| Max drawdown (3Y) | -83.3% | -53.2% |
| Market cap | – | $6.8B |
| P/E (trailing) | – | 19.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WEX |
|---|---|---|
| 2022 | -23.8% | +16.6% |
| 2023 | -72.5% | +18.9% |
| 2024 | -26.2% | -9.9% |
| 2025 | -42.2% | -15.0% |
| 2026 | -31.6% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WEX good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and WEX?
As of 2026-08-27, the correlation of weekly returns between VXX and WEX is -0.36 over 3 years, -0.05 over 1 year and -0.36 over 5 years.
Is WEX a good diversifier for VXX?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
A reading of -0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxx-vs-wex.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-wex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · WEX correlations
