VXX vs WNC: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Wabash National Corporation (WNC) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WNC?
On 3 years of weekly data the VXX/WNC correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.23 over 3. The 5-year figure is -0.27, and annualized covariance runs at -712.7 %².
Within VXX's tracked universe of 2872 assets, WNC comes in at #237 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WNC outperformed by 68.7 percentage points (-49.7% for VXX against +19.0% for WNC).
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 WNC: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WNC (Wabash National Corporation) | |
|---|---|---|
| 1-year return | -49.7% | +19.0% |
| 5-year return | -95.6% | -6.2% |
| Volatility (ann.) | 60.9% | 49.9% |
| Beta vs S&P 500 | -3.31 | 0.70 |
| Max drawdown (3Y) | -83.3% | -76.4% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WNC |
|---|---|---|
| 2022 | -23.8% | +18.2% |
| 2023 | -72.5% | +14.9% |
| 2024 | -26.2% | -32.2% |
| 2025 | -42.2% | -48.1% |
| 2026 | -31.6% | +56.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WNC good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and WNC?
As of 2026-08-27, the correlation of weekly returns between VXX and WNC is -0.23 over 3 years, -0.18 over 1 year and -0.27 over 5 years.
Is WNC a good diversifier for VXX?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-wnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-wnc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · WNC correlations
