PHAT vs VXX: Correlation
Measured on weekly returns over the past three years, Phathom Pharmaceuticals, Inc. (PHAT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHAT and VXX?
Across a 3-year window, the weekly returns of PHAT and VXX correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.22, with an annualized covariance of -1604.2 %².
Among the 12 assets we track against PHAT, VXX sits near the bottom by co-movement, at rank #12. The last year tells two different stories: PHAT led by 21.6 percentage points, -28.1% for PHAT against -49.7% for VXX. Note the risk asymmetry: PHAT 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.
PHAT vs VXX: side by side
| PHAT (Phathom Pharmaceuticals, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -28.1% | -49.7% |
| 5-year return | -74.1% | -95.6% |
| Volatility (ann.) | 103.2% | 60.9% |
| Beta vs S&P 500 | 1.89 | -3.31 |
| Max drawdown (3Y) | -88.3% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PHAT | VXX |
|---|---|---|
| 2022 | -43.0% | -23.8% |
| 2023 | -18.6% | -72.5% |
| 2024 | -11.1% | -26.2% |
| 2025 | +104.3% | -42.2% |
| 2026 | -46.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHAT and VXX good diversifiers for each other?
Yes. With a correlation of -0.26, PHAT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PHAT and VXX?
The PHAT/VXX correlation stands at -0.26 on a 3-year window (1 year: -0.31, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PHAT?
Yes. With a correlation of -0.26, PHAT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/phat-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/phat-vs-vxx/)
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Related comparisons
Hubs: PHAT correlations · VXX correlations
