VXX vs WRAP: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Wrap Technologies, Inc. (WRAP) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WRAP?
On 3 years of weekly data the VXX/WRAP correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.27 over 3. The 5-year figure is -0.24, and annualized covariance runs at -1755.4 %².
Within VXX's tracked universe of 2872 assets, WRAP comes in at #637 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WRAP ahead by 80.0 points (-49.7% versus +30.3%). Note the risk asymmetry: WRAP 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.
VXX vs WRAP: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WRAP (Wrap Technologies, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +30.3% |
| 5-year return | -95.6% | -77.2% |
| Volatility (ann.) | 60.9% | 106.0% |
| Beta vs S&P 500 | -3.31 | 2.11 |
| Max drawdown (3Y) | -83.3% | -76.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WRAP |
|---|---|---|
| 2022 | -23.8% | -57.0% |
| 2023 | -72.5% | +83.4% |
| 2024 | -26.2% | -31.6% |
| 2025 | -42.2% | +12.3% |
| 2026 | -31.6% | -27.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WRAP good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and WRAP?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.26 over the last year and -0.24 over 5 years.
Is WRAP a good diversifier for VXX?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-wrap.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-wrap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · WRAP correlations
