VXX vs XRX: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Xerox Holdings Corporation (XRX) 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 XRX?
Over the past 3 years, VXX and XRX moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.32 over 3. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -1531.1 %².
Among the 2872 assets we track against VXX, XRX ranks #1224 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XRX ahead by 29.7 points (-49.7% versus -20.0%).
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 XRX: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XRX (Xerox Holdings Corporation) | |
|---|---|---|
| 1-year return | -49.7% | -20.0% |
| 5-year return | -95.6% | -81.9% |
| Volatility (ann.) | 60.9% | 77.4% |
| Beta vs S&P 500 | -3.31 | 2.12 |
| Max drawdown (3Y) | -83.3% | -92.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 3.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XRX |
|---|---|---|
| 2022 | -23.8% | -31.3% |
| 2023 | -72.5% | +33.8% |
| 2024 | -26.2% | -49.8% |
| 2025 | -42.2% | -70.6% |
| 2026 | -31.6% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XRX 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 XRX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.25 over the last year and -0.33 over 5 years.
Is XRX 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?
On the −1 to +1 scale, -0.32 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 · XRX correlations
