VXX vs XENE: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Xenon Pharmaceuticals Inc. (XENE) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XENE?
Over the past 3 years, VXX and XENE moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -706.3 %².
Among the 2872 assets we track against VXX, XENE ranks #525 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XENE ahead by 109.0 points (-49.7% versus +59.3%).
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 XENE: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XENE (Xenon Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +59.3% |
| 5-year return | -95.6% | +266.2% |
| Volatility (ann.) | 60.9% | 44.0% |
| Beta vs S&P 500 | -3.31 | 0.83 |
| Max drawdown (3Y) | -83.3% | -43.6% |
| Market cap | – | $6.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XENE |
|---|---|---|
| 2022 | -23.8% | +26.2% |
| 2023 | -72.5% | +16.8% |
| 2024 | -26.2% | -14.9% |
| 2025 | -42.2% | +14.3% |
| 2026 | -31.6% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XENE good diversifiers for each other?
Yes. With a correlation of -0.26, VXX and XENE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and XENE?
The VXX/XENE correlation stands at -0.26 on a 3-year window (1 year: -0.17, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is XENE a good diversifier for VXX?
Yes. With a correlation of -0.26, VXX and XENE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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-xene.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-xene/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · XENE correlations
