VXX vs WIA: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Western Asset Inflation-Linked Income Fund (WIA) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WIA?
On 3 years of weekly data the VXX/WIA correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.40 over 1 year against -0.36 over 3. The 5-year figure is -0.32, and annualized covariance runs at -157.0 %².
Among the 2872 assets we track against VXX, WIA ranks #1615 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WIA outperformed by 51.8 percentage points (-49.7% for VXX against +2.1% for WIA). Note the risk asymmetry: VXX runs 8.5 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 WIA: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WIA (Western Asset Inflation-Linked Income Fund) | |
|---|---|---|
| 1-year return | -49.7% | +2.1% |
| 5-year return | -95.6% | -3.9% |
| Volatility (ann.) | 60.9% | 7.2% |
| Beta vs S&P 500 | -3.31 | 0.20 |
| Max drawdown (3Y) | -83.3% | -6.4% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 14.0 |
| Dividend yield | 0.00% | 7.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WIA |
|---|---|---|
| 2022 | -23.8% | -25.8% |
| 2023 | -72.5% | +5.0% |
| 2024 | -26.2% | +6.1% |
| 2025 | -42.2% | +11.4% |
| 2026 | -31.6% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WIA good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and WIA?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.40 over the last year and -0.32 over 5 years.
Is WIA a good diversifier for VXX?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: VXX correlations · WIA correlations
