FLEX vs VXX: Correlation
How closely do Flex Ltd. (FLEX) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and VXX?
Over the past 3 years, FLEX 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 (-0.21) runs above the 3-year figure (-0.40). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -1247.5 %².
VXX is close to the least connected end of FLEX's tracked universe, ranking #44 of 45. Correlation aside, the last 12 months split them widely, with FLEX ahead by 164.3 points (+114.6% versus -49.7%).
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.
FLEX vs VXX: side by side
| FLEX (Flex Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +114.6% | -49.7% |
| 5-year return | +716.5% | -95.6% |
| Volatility (ann.) | 50.9% | 60.9% |
| Beta vs S&P 500 | 1.70 | -3.31 |
| Max drawdown (3Y) | -40.0% | -83.3% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FLEX | VXX |
|---|---|---|
| 2022 | +17.1% | -23.8% |
| 2023 | +41.9% | -72.5% |
| 2024 | +67.2% | -26.2% |
| 2025 | +57.4% | -42.2% |
| 2026 | +90.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLEX and VXX?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.21 over the last year and -0.41 over 5 years.
Is VXX a good diversifier for FLEX?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
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/flex-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flex-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FLEX correlations · VXX correlations
