VXX vs XYZ: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Block, Inc. (XYZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XYZ?
On 3 years of weekly data the VXX/XYZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.29) runs above the 3-year figure (-0.41). The 5-year figure is -0.39, and annualized covariance runs at -1241.3 %².
Among the 2872 assets we track against VXX, XYZ ranks #2052 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XYZ outperformed by 56.6 percentage points (-49.7% for VXX against +6.9% for XYZ).
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 XYZ: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XYZ (Block, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +6.9% |
| 5-year return | -95.6% | -68.8% |
| Volatility (ann.) | 60.9% | 50.2% |
| Beta vs S&P 500 | -3.31 | 1.80 |
| Max drawdown (3Y) | -83.3% | -53.0% |
| Market cap | – | $51.0B |
| P/E (trailing) | – | 151.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | VXX | XYZ |
|---|---|---|
| 2022 | -23.8% | -61.1% |
| 2023 | -72.5% | +23.1% |
| 2024 | -26.2% | +9.9% |
| 2025 | -42.2% | -23.4% |
| 2026 | -31.6% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XYZ good diversifiers for each other?
Yes. With a correlation of -0.41, VXX and XYZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and XYZ?
The VXX/XYZ correlation stands at -0.41 on a 3-year window (1 year: -0.29, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is XYZ a good diversifier for VXX?
Yes. With a correlation of -0.41, VXX and XYZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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-xyz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-xyz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · XYZ correlations
