VXX vs XFOR: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and X4 Pharmaceuticals, Inc. (XFOR) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and XFOR?
On 3 years of weekly data the VXX/XFOR correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.23 over 3. The 5-year figure is -0.19, and annualized covariance runs at -1702.3 %².
Within VXX's tracked universe of 2872 assets, XFOR comes in at #238 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XFOR outperformed by 49.7 percentage points (-49.7% for VXX against +0.0% for XFOR). One caveat on sizing: XFOR is 2.0 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 XFOR: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | XFOR (X4 Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +0.0% |
| 5-year return | -95.6% | -97.2% |
| Volatility (ann.) | 60.9% | 121.6% |
| Beta vs S&P 500 | -3.31 | 1.66 |
| Max drawdown (3Y) | -83.3% | -96.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 2.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | XFOR |
|---|---|---|
| 2022 | -23.8% | -56.6% |
| 2023 | -72.5% | -15.5% |
| 2024 | -26.2% | -12.5% |
| 2025 | -42.2% | -81.8% |
| 2026 | -31.6% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and XFOR good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and XFOR?
As of 2026-08-27, the correlation of weekly returns between VXX and XFOR is -0.23 over 3 years, -0.20 over 1 year and -0.19 over 5 years.
Is XFOR a good diversifier for VXX?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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-xfor.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-xfor/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · XFOR correlations
