BFLY vs VXX: Correlation
Measured on weekly returns over the past three years, Butterfly Network, Inc. (BFLY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFLY and VXX?
On 3 years of weekly data the BFLY/VXX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. The 5-year figure is -0.25, and annualized covariance runs at -1397.7 %².
VXX is close to the least connected end of BFLY's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with BFLY ahead by 505.1 points (+455.4% versus -49.7%). One caveat on sizing: BFLY is 1.6 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.
BFLY vs VXX: side by side
| BFLY (Butterfly Network, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +455.4% | -49.7% |
| 5-year return | -27.5% | -95.6% |
| Volatility (ann.) | 98.1% | 60.9% |
| Beta vs S&P 500 | 2.32 | -3.31 |
| Max drawdown (3Y) | -72.4% | -83.3% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFLY | VXX |
|---|---|---|
| 2022 | -63.2% | -23.8% |
| 2023 | -56.1% | -72.5% |
| 2024 | +188.9% | -26.2% |
| 2025 | +21.8% | -42.2% |
| 2026 | +129.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFLY and VXX good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BFLY and VXX?
As of 2026-08-27, the correlation of weekly returns between BFLY and VXX is -0.23 over 3 years, -0.22 over 1 year and -0.25 over 5 years.
Is VXX a good diversifier for BFLY?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 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/bfly-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bfly-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BFLY correlations · VXX correlations
