VXX vs XERS: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Xeris Biopharma Holdings, Inc. (XERS) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XERS?
Across a 3-year window, the weekly returns of VXX and XERS correlate at -0.41, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.28 versus -0.41 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -1449.7 %².
Within VXX's tracked universe of 2872 assets, XERS comes in at #2047 by 3-year correlation. The last year tells two different stories: XERS led by 57.3 percentage points, -49.7% for VXX against +7.6% for XERS.
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 XERS: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XERS (Xeris Biopharma Holdings, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +7.6% |
| 5-year return | -95.6% | +212.7% |
| Volatility (ann.) | 60.9% | 58.5% |
| Beta vs S&P 500 | -3.31 | 1.29 |
| Max drawdown (3Y) | -83.3% | -47.2% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XERS |
|---|---|---|
| 2022 | -23.8% | -54.6% |
| 2023 | -72.5% | +76.7% |
| 2024 | -26.2% | +44.3% |
| 2025 | -42.2% | +131.6% |
| 2026 | -31.6% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XERS good diversifiers for each other?
Yes. With a correlation of -0.41, VXX and XERS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and XERS?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.28 over the last year and -0.32 over 5 years.
Is XERS a good diversifier for VXX?
Yes. With a correlation of -0.41, VXX and XERS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxx-vs-xers.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-xers/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · XERS correlations
