VXX vs XPL: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Solitario Resources Corp. (XPL) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XPL?
Over the past 3 years, VXX and XPL moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.32 over 3. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -930.7 %².
Among the 2872 assets we track against VXX, XPL ranks #1223 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XPL outperformed by 55.1 percentage points (-49.7% for VXX against +5.4% for XPL).
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 XPL: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XPL (Solitario Resources Corp.) | |
|---|---|---|
| 1-year return | -49.7% | +5.4% |
| 5-year return | -95.6% | +45.0% |
| Volatility (ann.) | 60.9% | 48.2% |
| Beta vs S&P 500 | -3.31 | 1.10 |
| Max drawdown (3Y) | -83.3% | -42.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XPL |
|---|---|---|
| 2022 | -23.8% | +24.0% |
| 2023 | -72.5% | -9.7% |
| 2024 | -26.2% | +5.4% |
| 2025 | -42.2% | +18.6% |
| 2026 | -31.6% | +16.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XPL good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and XPL?
As of 2026-08-27, the correlation of weekly returns between VXX and XPL is -0.32 over 3 years, -0.31 over 1 year and -0.21 over 5 years.
Is XPL a good diversifier for VXX?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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-xpl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-xpl/)
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Hubs: VXX correlations · XPL correlations
