BFLY vs VXZ: Correlation
How closely do Butterfly Network, Inc. (BFLY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFLY and VXZ?
On 3 years of weekly data the BFLY/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -608.2 %².
Out of 11 assets tracked against BFLY, VXZ lands near the bottom at #10. The last year tells two different stories: BFLY led by 471.5 percentage points, +455.4% for BFLY against -16.1% for VXZ. Note the risk asymmetry: BFLY runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXZ: side by side
| BFLY (Butterfly Network, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +455.4% | -16.1% |
| 5-year return | -27.5% | -53.1% |
| Volatility (ann.) | 98.1% | 25.6% |
| Beta vs S&P 500 | 2.32 | -1.31 |
| Max drawdown (3Y) | -72.4% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFLY | VXZ |
|---|---|---|
| 2022 | -63.2% | +0.5% |
| 2023 | -56.1% | -44.0% |
| 2024 | +188.9% | -12.7% |
| 2025 | +21.8% | +5.7% |
| 2026 | +129.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFLY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between BFLY and VXZ?
The BFLY/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.19, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BFLY?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/bfly-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bfly-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BFLY correlations · VXZ correlations
