DKNG vs VXX: Correlation
DraftKings Inc. (DKNG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DKNG and VXX?
Over the past 3 years, DKNG and VXX moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.30) runs above the 3-year figure (-0.40). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -1214.5 %².
Out of 12 assets tracked against DKNG, VXX lands near the bottom at #11. Their 12-month results are close: -49.3% for DKNG against -49.7% for VXX.
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.
DKNG vs VXX: side by side
| DKNG (DraftKings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -49.3% | -49.7% |
| 5-year return | -59.1% | -95.6% |
| Volatility (ann.) | 50.0% | 60.9% |
| Beta vs S&P 500 | 1.64 | -3.31 |
| Max drawdown (3Y) | -61.3% | -83.3% |
| Market cap | $12.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DKNG | VXX |
|---|---|---|
| 2022 | -58.5% | -23.8% |
| 2023 | +209.5% | -72.5% |
| 2024 | +5.5% | -26.2% |
| 2025 | -7.4% | -42.2% |
| 2026 | -29.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DKNG and VXX good diversifiers for each other?
Yes. With a correlation of -0.40, DKNG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DKNG and VXX?
As of 2026-08-27, the correlation of weekly returns between DKNG and VXX is -0.40 over 3 years, -0.30 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for DKNG?
Yes. With a correlation of -0.40, DKNG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/dkng-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dkng-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DKNG correlations · VXX correlations
