BNL vs VXX: Correlation
How closely do Bro (BNL) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNL and VXX?
Over the past 3 years, BNL and VXX moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.33). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -426.5 %².
Among the 13 assets we track against BNL, VXX sits near the bottom by co-movement, at rank #12. The last year tells two different stories: BNL led by 72.1 percentage points, +22.4% for BNL against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.9 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.
BNL vs VXX: side by side
| BNL (Bro) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.4% | -49.7% |
| 5-year return | +7.7% | -95.6% |
| Volatility (ann.) | 21.0% | 60.9% |
| Beta vs S&P 500 | 0.31 | -3.31 |
| Max drawdown (3Y) | -19.5% | -83.3% |
| Market cap | $4.5B | – |
| P/E (trailing) | 28.2 | – |
| Dividend yield | 5.47% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNL | VXX |
|---|---|---|
| 2022 | -30.8% | -23.8% |
| 2023 | +14.0% | -72.5% |
| 2024 | -1.1% | -26.2% |
| 2025 | +17.3% | -42.2% |
| 2026 | +25.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNL and VXX good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BNL and VXX?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.08 over the last year and -0.36 over 5 years.
Is VXX a good diversifier for BNL?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/bnl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bnl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BNL correlations · VXX correlations
