VXX vs XXII: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and 22nd Century Group, Inc (XXII) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XXII?
Across a 3-year window, the weekly returns of VXX and XXII correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. Stretching to 5 years gives -0.19, with an annualized covariance of -1632.5 %².
Within VXX's tracked universe of 2872 assets, XXII comes in at #239 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VXX outperformed by 49.7 percentage points (-49.7% for VXX against -99.4% for XXII). Note the risk asymmetry: XXII runs 2.0 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 XXII: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XXII (22nd Century Group, Inc) | |
|---|---|---|
| 1-year return | -49.7% | -99.4% |
| 5-year return | -95.6% | -100.0% |
| Volatility (ann.) | 60.9% | 119.0% |
| Beta vs S&P 500 | -3.31 | 2.06 |
| Max drawdown (3Y) | -83.3% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XXII |
|---|---|---|
| 2022 | -23.8% | -70.2% |
| 2023 | -72.5% | -98.7% |
| 2024 | -26.2% | -98.7% |
| 2025 | -42.2% | -99.4% |
| 2026 | -31.6% | -98.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XXII good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and XXII?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.26 over the last year and -0.19 over 5 years.
Is XXII a good diversifier for VXX?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 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-xxii.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-xxii/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · XXII correlations
