VXX vs XPO: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and XPO, Inc. (XPO) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XPO?
On 3 years of weekly data the VXX/XPO correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.40). The 5-year figure is -0.39, and annualized covariance runs at -1175.6 %².
Within VXX's tracked universe of 2872 assets, XPO comes in at #1962 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XPO ahead by 94.7 points (-49.7% versus +45.0%).
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 XPO: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XPO (XPO, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +45.0% |
| 5-year return | -95.6% | +267.0% |
| Volatility (ann.) | 60.9% | 48.7% |
| Beta vs S&P 500 | -3.31 | 1.58 |
| Max drawdown (3Y) | -83.3% | -42.2% |
| Market cap | – | $22.4B |
| P/E (trailing) | – | 56.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XPO |
|---|---|---|
| 2022 | -23.8% | -27.6% |
| 2023 | -72.5% | +163.1% |
| 2024 | -26.2% | +49.7% |
| 2025 | -42.2% | +3.6% |
| 2026 | -31.6% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XPO good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and XPO?
The VXX/XPO correlation stands at -0.40 on a 3-year window (1 year: -0.12, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is XPO a good diversifier for VXX?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: VXX correlations · XPO correlations
