LONA vs VXX: Correlation
Measured on weekly returns over the past three years, LeonaBio, Inc. (LONA) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LONA and VXX?
Across a 3-year window, the weekly returns of LONA and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.20 versus -0.34 over 3 years. Stretching to 5 years gives -0.29, with an annualized covariance of -2151.1 %².
Among the 11 assets we track against LONA, VXX sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with LONA ahead by 146.9 points (+97.2% versus -49.7%). Note the risk asymmetry: LONA runs 1.7 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.
LONA vs VXX: side by side
| LONA (LeonaBio, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +97.2% | -49.7% |
| 5-year return | -92.6% | -95.6% |
| Volatility (ann.) | 104.6% | 60.9% |
| Beta vs S&P 500 | 1.80 | -3.31 |
| Max drawdown (3Y) | -94.5% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LONA | VXX |
|---|---|---|
| 2022 | -75.7% | -23.8% |
| 2023 | -23.3% | -72.5% |
| 2024 | -75.8% | -26.2% |
| 2025 | +29.0% | -42.2% |
| 2026 | +4.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LONA and VXX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LONA and VXX?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.20 over the last year and -0.29 over 5 years.
Is VXX a good diversifier for LONA?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 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/lona-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lona-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LONA correlations · VXX correlations
