AFRM vs VXX: Correlation
Measured on weekly returns over the past three years, Affirm Holdings, Inc. (AFRM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRM and VXX?
Over the past 3 years, AFRM and VXX moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -2060.3 %².
Among the 17 assets we track against AFRM, VXX sits near the bottom by co-movement, at rank #16. Their recent paths diverged sharply: over the last 12 months AFRM outperformed by 49.6 percentage points (-0.1% for AFRM against -49.7% for VXX).
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.
AFRM vs VXX: side by side
| AFRM (Affirm Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.1% | -49.7% |
| 5-year return | -22.2% | -95.6% |
| Volatility (ann.) | 75.0% | 60.9% |
| Beta vs S&P 500 | 2.77 | -3.31 |
| Max drawdown (3Y) | -55.9% | -83.3% |
| Market cap | $26.0B | – |
| P/E (trailing) | 69.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFRM | VXX |
|---|---|---|
| 2022 | -90.4% | -23.8% |
| 2023 | +408.2% | -72.5% |
| 2024 | +23.9% | -26.2% |
| 2025 | +22.2% | -42.2% |
| 2026 | +4.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRM and VXX good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AFRM and VXX?
The AFRM/VXX correlation stands at -0.45 on a 3-year window (1 year: -0.39, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for AFRM?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 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/afrm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afrm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AFRM correlations · VXX correlations
