AXON vs VXX: Correlation
How closely do Axon Enterprise (AXON) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and VXX?
Over the past 3 years, AXON and VXX moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.31). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1074.7 %².
Out of 35 assets tracked against AXON, VXX lands near the bottom at #33. Their recent paths diverged sharply: over the last 12 months AXON outperformed by 29.1 percentage points (-20.6% for AXON 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.
AXON vs VXX: side by side
| AXON (Axon Enterprise) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -20.6% | -49.7% |
| 5-year return | +216.9% | -95.6% |
| Volatility (ann.) | 57.4% | 60.9% |
| Beta vs S&P 500 | 1.51 | -3.31 |
| Max drawdown (3Y) | -60.3% | -83.3% |
| Market cap | $49.7B | – |
| P/E (trailing) | 250.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | VXX |
|---|---|---|
| 2022 | +5.7% | -23.8% |
| 2023 | +55.7% | -72.5% |
| 2024 | +130.1% | -26.2% |
| 2025 | -4.4% | -42.2% |
| 2026 | +7.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, AXON and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AXON and VXX?
The AXON/VXX correlation stands at -0.31 on a 3-year window (1 year: -0.15, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for AXON?
Yes. With a correlation of -0.31, AXON and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/axon-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axon-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AXON correlations · VXX correlations
