BTDR vs VXZ: Correlation
How closely do Bitdeer Technologies Group (BTDR) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTDR and VXZ?
On 3 years of weekly data the BTDR/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. The 5-year figure is -0.20, and annualized covariance runs at -821.8 %².
VXZ is close to the least connected end of BTDR's tracked universe, ranking #10 of 12. Their 12-month results are close: -16.4% for BTDR against -16.1% for VXZ. Note the risk asymmetry: BTDR runs 4.3 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.
BTDR vs VXZ: side by side
| BTDR (Bitdeer Technologies Group) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.4% | -16.1% |
| 5-year return | +14.6% | -53.1% |
| Volatility (ann.) | 110.8% | 25.6% |
| Beta vs S&P 500 | 2.58 | -1.31 |
| Max drawdown (3Y) | -79.1% | -36.4% |
| Market cap | $3.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTDR | VXZ |
|---|---|---|
| 2022 | +4.6% | +0.5% |
| 2023 | -5.4% | -44.0% |
| 2024 | +119.8% | -12.7% |
| 2025 | -48.3% | +5.7% |
| 2026 | +1.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTDR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTDR and VXZ?
The BTDR/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.34, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BTDR?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/btdr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btdr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTDR correlations · VXZ correlations
