NET vs VXX: Correlation
Measured on weekly returns over the past three years, Cloudflare, Inc. (NET) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NET and VXX?
On 3 years of weekly data the NET/VXX correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.03) than the 3-year average (-0.30). The 5-year figure is -0.26, and annualized covariance runs at -972.2 %².
Out of 15 assets tracked against NET, VXX lands near the bottom at #14. The last year tells two different stories: NET led by 99.9 percentage points, +50.2% for NET 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.
NET vs VXX: side by side
| NET (Cloudflare, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +50.2% | -49.7% |
| 5-year return | +149.7% | -95.6% |
| Volatility (ann.) | 53.7% | 60.9% |
| Beta vs S&P 500 | 1.68 | -3.31 |
| Max drawdown (3Y) | -45.0% | -83.3% |
| Market cap | $109.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NET | VXX |
|---|---|---|
| 2022 | -65.6% | -23.8% |
| 2023 | +84.2% | -72.5% |
| 2024 | +29.3% | -26.2% |
| 2025 | +83.1% | -42.2% |
| 2026 | +56.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NET and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between NET and VXX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with 0.03 over the last year and -0.26 over 5 years.
Is VXX a good diversifier for NET?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/net-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/net-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NET correlations · VXX correlations
