VXX vs WMG: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Warner Music Group Corp. (WMG) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WMG?
Across a 3-year window, the weekly returns of VXX and WMG correlate at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. Stretching to 5 years gives -0.32, with an annualized covariance of -630.9 %².
Among the 2872 assets we track against VXX, WMG ranks #1439 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WMG ahead by 35.0 points (-49.7% versus -14.7%). One caveat on sizing: VXX is 2.0 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 WMG: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WMG (Warner Music Group Corp.) | |
|---|---|---|
| 1-year return | -49.7% | -14.7% |
| 5-year return | -95.6% | -16.9% |
| Volatility (ann.) | 60.9% | 30.7% |
| Beta vs S&P 500 | -3.31 | 0.91 |
| Max drawdown (3Y) | -83.3% | -33.1% |
| Market cap | – | $14.7B |
| P/E (trailing) | – | 22.4 |
| Dividend yield | 0.00% | 2.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WMG |
|---|---|---|
| 2022 | -23.8% | -17.2% |
| 2023 | -72.5% | +4.4% |
| 2024 | -26.2% | -11.5% |
| 2025 | -42.2% | +1.4% |
| 2026 | -31.6% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WMG good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and WMG?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.26 over the last year and -0.32 over 5 years.
Is WMG a good diversifier for VXX?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: VXX correlations · WMG correlations
