BLX vs VXX: Correlation
Measured on weekly returns over the past three years, Bladex, Inc. (BLX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLX and VXX?
On 3 years of weekly data the BLX/VXX correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.36 over 3 years. The 5-year figure is -0.36, and annualized covariance runs at -566.6 %².
Among the 10 assets we track against BLX, VXX sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months BLX outperformed by 74.2 percentage points (+24.5% for BLX against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.4 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.
BLX vs VXX: side by side
| BLX (Bladex, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.5% | -49.7% |
| 5-year return | +326.0% | -95.6% |
| Volatility (ann.) | 25.5% | 60.9% |
| Beta vs S&P 500 | 0.59 | -3.31 |
| Max drawdown (3Y) | -21.0% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 9.0 | – |
| Dividend yield | 4.93% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLX | VXX |
|---|---|---|
| 2022 | +4.3% | -23.8% |
| 2023 | +60.6% | -72.5% |
| 2024 | +53.7% | -26.2% |
| 2025 | +29.4% | -42.2% |
| 2026 | +27.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLX and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between BLX and VXX?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.13 over the last year and -0.36 over 5 years.
Is VXX a good diversifier for BLX?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/blx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BLX correlations · VXX correlations
