VXX vs WVE: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Wave Life Sciences, Inc. (WVE) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WVE?
On 3 years of weekly data the VXX/WVE correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. The 5-year figure is -0.21, and annualized covariance runs at -1641.3 %².
Within VXX's tracked universe of 2872 assets, WVE comes in at #326 by 3-year correlation. Neither side won the trailing year by much: -49.7% against -48.8%. One caveat on sizing: WVE is 1.9 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 WVE: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WVE (Wave Life Sciences, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | -48.8% |
| 5-year return | -95.6% | -15.0% |
| Volatility (ann.) | 60.9% | 113.5% |
| Beta vs S&P 500 | -3.31 | 1.84 |
| Max drawdown (3Y) | -83.3% | -76.3% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WVE |
|---|---|---|
| 2022 | -23.8% | +122.9% |
| 2023 | -72.5% | -27.9% |
| 2024 | -26.2% | +145.0% |
| 2025 | -42.2% | +37.4% |
| 2026 | -31.6% | -69.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WVE good diversifiers for each other?
Yes. With a correlation of -0.24, VXX and WVE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and WVE?
The VXX/WVE correlation stands at -0.24 on a 3-year window (1 year: -0.19, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is WVE a good diversifier for VXX?
Yes. With a correlation of -0.24, VXX and WVE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/vxx-vs-wve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-wve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · WVE correlations
