BSY vs VXX: Correlation
How closely do Bentley Systems, Incorporated (BSY) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSY and VXX?
Across a 3-year window, the weekly returns of BSY and VXX correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.25). Stretching to 5 years gives -0.27, with an annualized covariance of -441.9 %².
Among the 13 assets we track against BSY, VXX sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with BSY ahead by 18.8 points (-30.9% versus -49.7%). Note the risk asymmetry: VXX runs 2.1 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.
BSY vs VXX: side by side
| BSY (Bentley Systems, Incorporated) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.9% | -49.7% |
| 5-year return | -40.5% | -95.6% |
| Volatility (ann.) | 29.4% | 60.9% |
| Beta vs S&P 500 | 0.71 | -3.31 |
| Max drawdown (3Y) | -51.3% | -83.3% |
| Market cap | $11.4B | – |
| P/E (trailing) | 40.9 | – |
| Dividend yield | 0.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BSY | VXX |
|---|---|---|
| 2022 | -23.3% | -23.8% |
| 2023 | +41.8% | -72.5% |
| 2024 | -10.1% | -26.2% |
| 2025 | -17.8% | -42.2% |
| 2026 | -1.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSY and VXX good diversifiers for each other?
Yes. With a correlation of -0.25, BSY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BSY and VXX?
As of 2026-08-27, the correlation of weekly returns between BSY and VXX is -0.25 over 3 years, -0.07 over 1 year and -0.27 over 5 years.
Is VXX a good diversifier for BSY?
Yes. With a correlation of -0.25, BSY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/bsy-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bsy-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BSY correlations · VXX correlations
