VXX vs XP: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and XP Inc. (XP) 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 XP?
Across a 3-year window, the weekly returns of VXX and XP correlate at -0.41, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.46 over 1 year against -0.41 over 3. Stretching to 5 years gives -0.30, with an annualized covariance of -1031.0 %².
By 3-year correlation, XP places #2050 of the 2872 assets tracked against VXX. Correlation aside, the last 12 months split them widely, with XP ahead by 55.5 points (-49.7% versus +5.8%).
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 XP: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XP (XP Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +5.8% |
| 5-year return | -95.6% | -58.9% |
| Volatility (ann.) | 60.9% | 41.0% |
| Beta vs S&P 500 | -3.31 | 1.18 |
| Max drawdown (3Y) | -83.3% | -56.6% |
| Market cap | – | $9.0B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 0.00% | 11.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XP |
|---|---|---|
| 2022 | -23.8% | -46.6% |
| 2023 | -72.5% | +79.6% |
| 2024 | -26.2% | -52.2% |
| 2025 | -42.2% | +39.5% |
| 2026 | -31.6% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XP good diversifiers for each other?
Yes. With a correlation of -0.41, VXX and XP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and XP?
As of 2026-08-27, the correlation of weekly returns between VXX and XP is -0.41 over 3 years, -0.46 over 1 year and -0.30 over 5 years.
Is XP a good diversifier for VXX?
Yes. With a correlation of -0.41, VXX and XP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-xp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-xp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · XP correlations
