ENVX vs VXX: Correlation
How closely do Enovix Corporation (ENVX) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and VXX?
Over the past 3 years, ENVX and VXX moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -2012.7 %².
Among the 22 assets we track against ENVX, VXX sits near the bottom by co-movement, at rank #21. The last year tells two different stories: VXX led by 16.2 percentage points, -65.9% for ENVX 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.
ENVX vs VXX: side by side
| ENVX (Enovix Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -65.9% | -49.7% |
| 5-year return | -76.8% | -95.6% |
| Volatility (ann.) | 88.0% | 60.9% |
| Beta vs S&P 500 | 2.61 | -3.31 |
| Max drawdown (3Y) | -82.9% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVX | VXX |
|---|---|---|
| 2022 | -54.4% | -23.8% |
| 2023 | +0.6% | -72.5% |
| 2024 | -13.2% | -26.2% |
| 2025 | -32.8% | -42.2% |
| 2026 | -50.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ENVX and VXX?
The ENVX/VXX correlation stands at -0.38 on a 3-year window (1 year: -0.31, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ENVX?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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/envx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/envx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ENVX correlations · VXX correlations
