VXX vs WBD: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Warner Bros. Discovery (WBD) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WBD?
Across a 3-year window, the weekly returns of VXX and WBD correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -1099.0 %².
Within VXX's tracked universe of 2872 assets, WBD comes in at #1318 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WBD ahead by 187.4 points (-49.7% versus +137.7%).
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.
VXX vs WBD: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | -49.7% | +137.7% |
| 5-year return | -95.6% | +3.7% |
| Volatility (ann.) | 60.9% | 54.7% |
| Beta vs S&P 500 | -3.31 | 1.19 |
| Max drawdown (3Y) | -83.3% | -48.9% |
| Market cap | – | $72.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | VXX | WBD |
|---|---|---|
| 2022 | -23.8% | -59.7% |
| 2023 | -72.5% | +20.0% |
| 2024 | -26.2% | -7.1% |
| 2025 | -42.2% | +172.7% |
| 2026 | -31.6% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WBD good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and WBD?
The VXX/WBD correlation stands at -0.33 on a 3-year window (1 year: -0.24, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is WBD a good diversifier for VXX?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/vxx-vs-wbd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxx-vs-wbd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · WBD correlations
