VXX vs XRAY: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and DENTSPLY SIRONA Inc. (XRAY) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XRAY?
Over the past 3 years, VXX and XRAY moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -491.9 %².
Within VXX's tracked universe of 2872 assets, XRAY comes in at #62 by 3-year correlation. The last year tells two different stories: XRAY led by 28.9 percentage points, -49.7% for VXX against -20.8% for XRAY. Note the risk asymmetry: VXX runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XRAY: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XRAY (DENTSPLY SIRONA Inc.) | |
|---|---|---|
| 1-year return | -49.7% | -20.8% |
| 5-year return | -95.6% | -80.0% |
| Volatility (ann.) | 60.9% | 39.4% |
| Beta vs S&P 500 | -3.31 | 0.54 |
| Max drawdown (3Y) | -83.3% | -72.3% |
| Market cap | – | $2.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.93% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XRAY |
|---|---|---|
| 2022 | -23.8% | -42.1% |
| 2023 | -72.5% | +13.5% |
| 2024 | -26.2% | -45.3% |
| 2025 | -42.2% | -36.8% |
| 2026 | -31.6% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XRAY good diversifiers for each other?
Yes. With a correlation of -0.20, VXX and XRAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and XRAY?
As of 2026-08-27, the correlation of weekly returns between VXX and XRAY is -0.20 over 3 years, -0.27 over 1 year and -0.28 over 5 years.
Is XRAY a good diversifier for VXX?
Yes. With a correlation of -0.20, VXX and XRAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxx-vs-xray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-xray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · XRAY correlations
