BW vs VXX: Correlation
How closely do Babcock & Wilcox Enterprises, Inc. (BW) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BW and VXX?
Over the past 3 years, BW and VXX moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.20 versus -0.28 over 3 years. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -2363.8 %².
Out of 10 assets tracked against BW, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months BW outperformed by 367.1 percentage points (+317.4% for BW against -49.7% for VXX). One caveat on sizing: BW is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BW vs VXX: side by side
| BW (Babcock & Wilcox Enterprises, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +317.4% | -49.7% |
| 5-year return | +5.9% | -95.6% |
| Volatility (ann.) | 137.1% | 60.9% |
| Beta vs S&P 500 | 3.26 | -3.31 |
| Max drawdown (3Y) | -95.2% | -83.3% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BW | VXX |
|---|---|---|
| 2022 | -36.0% | -23.8% |
| 2023 | -74.7% | -72.5% |
| 2024 | +12.3% | -26.2% |
| 2025 | +286.6% | -42.2% |
| 2026 | +21.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BW and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between BW and VXX?
The BW/VXX correlation stands at -0.28 on a 3-year window (1 year: 0.20, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for BW?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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/bw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BW correlations · VXX correlations
