HOWL vs VXX: Correlation
Measured on weekly returns over the past three years, Werewolf Therapeutics, Inc. (HOWL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HOWL and VXX?
Across a 3-year window, the weekly returns of HOWL and VXX correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.15 over 1 year against -0.24 over 3. Stretching to 5 years gives -0.24, with an annualized covariance of -1836.6 %².
Among the 10 assets we track against HOWL, VXX sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months HOWL outperformed by 22.7 percentage points (-27.0% for HOWL against -49.7% for VXX). Note the risk asymmetry: HOWL runs 2.0 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.
HOWL vs VXX: side by side
| HOWL (Werewolf Therapeutics, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -27.0% | -49.7% |
| 5-year return | -94.4% | -95.6% |
| Volatility (ann.) | 124.1% | 60.9% |
| Beta vs S&P 500 | 1.39 | -3.31 |
| Max drawdown (3Y) | -96.1% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HOWL | VXX |
|---|---|---|
| 2022 | -82.8% | -23.8% |
| 2023 | +88.3% | -72.5% |
| 2024 | -61.7% | -26.2% |
| 2025 | -57.2% | -42.2% |
| 2026 | +53.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOWL and VXX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HOWL and VXX?
The HOWL/VXX correlation stands at -0.24 on a 3-year window (1 year: -0.15, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HOWL?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/howl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/howl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HOWL correlations · VXX correlations
