VXX vs WULF: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and TeraWulf Inc. (WULF) 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 VXX and WULF?
On 3 years of weekly data the VXX/WULF correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -2197.6 %².
By 3-year correlation, WULF places #1440 of the 2872 assets tracked against VXX. The last year tells two different stories: WULF led by 130.3 percentage points, -49.7% for VXX against +80.6% for WULF. One caveat on sizing: WULF is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WULF: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WULF (TeraWulf Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +80.6% |
| 5-year return | -95.6% | -32.7% |
| Volatility (ann.) | 60.9% | 105.8% |
| Beta vs S&P 500 | -3.31 | 2.76 |
| Max drawdown (3Y) | -83.3% | -74.6% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WULF |
|---|---|---|
| 2022 | -23.8% | -95.5% |
| 2023 | -72.5% | +258.2% |
| 2024 | -26.2% | +135.8% |
| 2025 | -42.2% | +103.0% |
| 2026 | -31.6% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WULF 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 VXX and WULF?
The VXX/WULF correlation stands at -0.34 on a 3-year window (1 year: -0.32, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is WULF a good diversifier for VXX?
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?
On the −1 to +1 scale, -0.34 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.
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Related comparisons
Hubs: VXX correlations · WULF correlations
