BWA vs VXX: Correlation
Measured on weekly returns over the past three years, BorgWarner Inc. (BWA) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWA and VXX?
Over the past 3 years, BWA and VXX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.21 lands near the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -430.9 %².
Out of 16 assets tracked against BWA, VXX lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months BWA outperformed by 100.6 percentage points (+50.9% for BWA against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.1 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.
BWA vs VXX: side by side
| BWA (BorgWarner Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +50.9% | -49.7% |
| 5-year return | +84.0% | -95.6% |
| Volatility (ann.) | 29.6% | 60.9% |
| Beta vs S&P 500 | 0.54 | -3.31 |
| Max drawdown (3Y) | -38.7% | -83.3% |
| Market cap | $13.2B | – |
| P/E (trailing) | 31.9 | – |
| Dividend yield | 1.05% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWA | VXX |
|---|---|---|
| 2022 | -9.2% | -23.8% |
| 2023 | +2.5% | -72.5% |
| 2024 | -10.2% | -26.2% |
| 2025 | +43.9% | -42.2% |
| 2026 | +44.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWA and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between BWA and VXX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.21 over the last year and -0.34 over 5 years.
Is VXX a good diversifier for BWA?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bwa-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwa-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BWA correlations · VXX correlations
