HIVE vs VXX: Correlation
HIVE Digital Technologies Ltd (HIVE) 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 -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIVE and VXX?
Across a 3-year window, the weekly returns of HIVE and VXX correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.29). Stretching to 5 years gives -0.30, with an annualized covariance of -1672.6 %².
Out of 19 assets tracked against HIVE, VXX lands near the bottom at #18. Correlation aside, the last 12 months split them widely, with HIVE ahead by 53.8 points (+4.1% versus -49.7%). Note the risk asymmetry: HIVE runs 1.5 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.
HIVE vs VXX: side by side
| HIVE (HIVE Digital Technologies Ltd) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.1% | -49.7% |
| 5-year return | -80.7% | -95.6% |
| Volatility (ann.) | 94.1% | 60.9% |
| Beta vs S&P 500 | 2.26 | -3.31 |
| Max drawdown (3Y) | -77.1% | -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 | HIVE | VXX |
|---|---|---|
| 2022 | -89.1% | -23.8% |
| 2023 | +214.6% | -72.5% |
| 2024 | -37.1% | -26.2% |
| 2025 | -9.5% | -42.2% |
| 2026 | +18.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIVE and VXX good diversifiers for each other?
Yes. With a correlation of -0.29, HIVE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HIVE and VXX?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.17 over the last year and -0.30 over 5 years.
Is VXX a good diversifier for HIVE?
Yes. With a correlation of -0.29, HIVE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/hive-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hive-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HIVE correlations · VXX correlations
