VXX vs XLRE: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Real Estate Select Sector SPDR Fund (XLRE) 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 XLRE?
On 3 years of weekly data the VXX/XLRE correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.23) than the 3-year average (-0.41). The 5-year figure is -0.43, and annualized covariance runs at -421.7 %².
Within VXX's tracked universe of 2872 assets, XLRE comes in at #2048 by 3-year correlation. The last year tells two different stories: XLRE led by 59.2 percentage points, -49.7% for VXX against +9.5% for XLRE. Risk is not evenly split, since VXX carries 3.6 times the volatility of the other side.
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 XLRE: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -49.7% | +9.5% |
| 5-year return | -95.6% | +11.4% |
| Volatility (ann.) | 60.9% | 16.7% |
| Beta vs S&P 500 | -3.31 | 0.57 |
| Max drawdown (3Y) | -83.3% | -16.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | VXX | XLRE |
|---|---|---|
| 2022 | -23.8% | -26.2% |
| 2023 | -72.5% | +12.4% |
| 2024 | -26.2% | +5.1% |
| 2025 | -42.2% | +2.6% |
| 2026 | -31.6% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XLRE good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and XLRE?
The VXX/XLRE correlation stands at -0.41 on a 3-year window (1 year: -0.23, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for VXX?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
A reading of -0.41 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-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxx-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · XLRE correlations
