BBVA vs VXX: Correlation
How closely do Banco Bilbao Vizcaya Argentaria S.A. (BBVA) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBVA and VXX?
On 3 years of weekly data the BBVA/VXX correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.69) runs below the 3-year figure (-0.46). The 5-year figure is -0.49, and annualized covariance runs at -841.8 %².
Out of 12 assets tracked against BBVA, VXX lands near the bottom at #12. The last year tells two different stories: BBVA led by 117.5 percentage points, +67.8% for BBVA against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.0 times the volatility of the other side.
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.
BBVA vs VXX: side by side
| BBVA (Banco Bilbao Vizcaya Argentaria S.A.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +67.8% | -49.7% |
| 5-year return | +503.8% | -95.6% |
| Volatility (ann.) | 29.9% | 60.9% |
| Beta vs S&P 500 | 0.88 | -3.31 |
| Max drawdown (3Y) | -22.1% | -83.3% |
| Market cap | $158.3B | – |
| P/E (trailing) | 13.2 | – |
| Dividend yield | 2.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBVA | VXX |
|---|---|---|
| 2022 | +10.1% | -23.8% |
| 2023 | +62.5% | -72.5% |
| 2024 | +14.2% | -26.2% |
| 2025 | +154.0% | -42.2% |
| 2026 | +26.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBVA and VXX good diversifiers for each other?
Yes. With a correlation of -0.46, BBVA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BBVA and VXX?
The BBVA/VXX correlation stands at -0.46 on a 3-year window (1 year: -0.69, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for BBVA?
Yes. With a correlation of -0.46, BBVA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 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/bbva-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bbva-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BBVA correlations · VXX correlations
