Volkonskaya is a member of the Vesta family (401), when applying the hierarchical clustering method to its proper orbital elements. Vestian asteroids have a composition akin to cumulate eucrites (HED meteorites) and are thought to have originated deep within 4 Vesta's crust, possibly from the Rheasilvia crater, a large impact crater on its southern hemisphere near the South pole, formed as a result of a subcatastrophic collision. Vesta is the main belt's second-largest and second-most-massive body after Ceres. Based on osculating Keplerian orbital elements, the asteroid has also been classified as a member of the Flora family (402), a giant asteroid family and the largest family of stony asteroids in the main-belt.