VXX vs WING: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Wingstop Inc. (WING) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WING?
Over the past 3 years, VXX and WING moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.27 over 3 years. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -922.6 %².
Among the 2872 assets we track against VXX, WING ranks #635 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VXX ahead by 17.6 points (-49.7% versus -67.3%).
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 WING: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | -49.7% | -67.3% |
| 5-year return | -95.6% | -31.4% |
| Volatility (ann.) | 60.9% | 55.1% |
| Beta vs S&P 500 | -3.31 | 1.29 |
| Max drawdown (3Y) | -83.3% | -74.0% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 26.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WING |
|---|---|---|
| 2022 | -23.8% | -17.1% |
| 2023 | -72.5% | +87.3% |
| 2024 | -26.2% | +11.1% |
| 2025 | -42.2% | -15.7% |
| 2026 | -31.6% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WING good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and WING?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.39 over the last year and -0.28 over 5 years.
Is WING a good diversifier for VXX?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · WING correlations
