ARKK vs BFLY: Correlation
How closely do ARK Innovation ETF (ARKK) and Butterfly Network, Inc. (BFLY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARKK and BFLY?
Over the past 3 years, ARKK and BFLY moved with a correlation of 0.46, which is moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 1742.6 %².
Among the 122 assets we track against ARKK, BFLY ranks #82 by 3-year correlation. The last year tells two different stories: BFLY led by 439.7 percentage points, +15.7% for ARKK against +455.4% for BFLY. One caveat on sizing: BFLY is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ARKK vs BFLY: side by side
| ARKK (ARK Innovation ETF) | BFLY (Butterfly Network, Inc.) | |
|---|---|---|
| 1-year return | +15.7% | +455.4% |
| 5-year return | -27.7% | -27.5% |
| Volatility (ann.) | 38.8% | 98.1% |
| Beta vs S&P 500 | 2.07 | 2.32 |
| Max drawdown (3Y) | -39.6% | -72.4% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | ARKK | BFLY |
|---|---|---|
| 2022 | -67.0% | -63.2% |
| 2023 | +69.0% | -56.1% |
| 2024 | +8.4% | +188.9% |
| 2025 | +35.5% | +21.8% |
| 2026 | +13.6% | +129.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARKK and BFLY good diversifiers for each other?
Reasonably. At 0.46, ARKK and BFLY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ARKK and BFLY?
As of 2026-08-27, the correlation of weekly returns between ARKK and BFLY is 0.46 over 3 years, 0.51 over 1 year and 0.57 over 5 years.
Is BFLY a good diversifier for ARKK?
Reasonably. At 0.46, ARKK and BFLY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arkk-vs-bfly.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arkk-vs-bfly/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARKK correlations · BFLY correlations
