BWFG vs VXX: Correlation
Measured on weekly returns over the past three years, Bankwell Financial Group, Inc. (BWFG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.44, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWFG and VXX?
On 3 years of weekly data the BWFG/VXX correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.33) runs above the 3-year figure (-0.44). The 5-year figure is -0.41, and annualized covariance runs at -710.9 %².
Among the 13 assets we track against BWFG, VXX sits near the bottom by co-movement, at rank #12. The last year tells two different stories: BWFG led by 107.2 percentage points, +57.5% for BWFG against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.3 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.
BWFG vs VXX: side by side
| BWFG (Bankwell Financial Group, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.5% | -49.7% |
| 5-year return | +149.4% | -95.6% |
| Volatility (ann.) | 26.8% | 60.9% |
| Beta vs S&P 500 | 0.73 | -3.31 |
| Max drawdown (3Y) | -24.7% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 1.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWFG | VXX |
|---|---|---|
| 2022 | -8.2% | -23.8% |
| 2023 | +5.8% | -72.5% |
| 2024 | +6.4% | -26.2% |
| 2025 | +50.3% | -42.2% |
| 2026 | +46.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWFG and VXX good diversifiers for each other?
Yes. With a correlation of -0.44, BWFG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BWFG and VXX?
The BWFG/VXX correlation stands at -0.44 on a 3-year window (1 year: -0.33, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for BWFG?
Yes. With a correlation of -0.44, BWFG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
A reading of -0.44 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/bwfg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwfg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: BWFG correlations · VXX correlations
