VXX vs WHG: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Westwood Holdings Group Inc (WHG) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WHG?
Over the past 3 years, VXX and WHG moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -613.8 %².
Within VXX's tracked universe of 2872 assets, WHG comes in at #990 by 3-year correlation. The last year tells two different stories: WHG led by 64.1 percentage points, -49.7% for VXX against +14.4% for WHG. Note the risk asymmetry: VXX runs 1.8 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 WHG: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WHG (Westwood Holdings Group Inc) | |
|---|---|---|
| 1-year return | -49.7% | +14.4% |
| 5-year return | -95.6% | +12.6% |
| Volatility (ann.) | 60.9% | 33.1% |
| Beta vs S&P 500 | -3.31 | 0.61 |
| Max drawdown (3Y) | -83.3% | -21.2% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 22.8 |
| Dividend yield | 0.00% | 3.02% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WHG |
|---|---|---|
| 2022 | -23.8% | -31.4% |
| 2023 | -72.5% | +19.0% |
| 2024 | -26.2% | +20.9% |
| 2025 | -42.2% | +23.1% |
| 2026 | -31.6% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WHG good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and WHG?
The VXX/WHG correlation stands at -0.30 on a 3-year window (1 year: -0.27, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is WHG a good diversifier for VXX?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 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-whg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-whg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · WHG correlations
