VXX vs WS: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Worthington Steel, Inc. (WS) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WS?
Over the past 3 years, VXX and WS moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.32) runs above the 3-year figure (-0.43). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1351.9 %².
Within VXX's tracked universe of 2872 assets, WS comes in at #2198 by 3-year correlation. The last year tells two different stories: WS led by 54.5 percentage points, -49.7% for VXX against +4.8% for WS.
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 WS: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WS (Worthington Steel, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +4.8% |
| 5-year return | -95.6% | n/a |
| Volatility (ann.) | 60.9% | 51.2% |
| Beta vs S&P 500 | -3.31 | 1.67 |
| Max drawdown (3Y) | -83.3% | -51.0% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 201.9 |
| Dividend yield | 0.00% | 1.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WS |
|---|---|---|
| 2022 | -23.8% | – |
| 2023 | -72.5% | – |
| 2024 | -26.2% | +15.4% |
| 2025 | -42.2% | +11.2% |
| 2026 | -31.6% | -0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WS good diversifiers for each other?
Yes. With a correlation of -0.43, VXX and WS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and WS?
As of 2026-08-27, the correlation of weekly returns between VXX and WS is -0.43 over 3 years, -0.32 over 1 year and n/a over 5 years.
Is WS a good diversifier for VXX?
Yes. With a correlation of -0.43, VXX and WS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 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-ws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-ws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · WS correlations
