BANR vs VXZ: Correlation
Banner Corporation (BANR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BANR and VXZ?
Across a 3-year window, the weekly returns of BANR and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.49). Stretching to 5 years gives -0.47, with an annualized covariance of -362.2 %².
VXZ is close to the least connected end of BANR's tracked universe, ranking #18 of 18. Their recent paths diverged sharply: over the last 12 months BANR outperformed by 23.2 percentage points (+7.1% for BANR against -16.1% for VXZ).
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.
BANR vs VXZ: side by side
| BANR (Banner Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.1% | -16.1% |
| 5-year return | +46.1% | -53.1% |
| Volatility (ann.) | 28.8% | 25.6% |
| Beta vs S&P 500 | 0.80 | -1.31 |
| Max drawdown (3Y) | -25.4% | -36.4% |
| Market cap | $2.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.84% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BANR | VXZ |
|---|---|---|
| 2022 | +7.2% | +0.5% |
| 2023 | -11.9% | -44.0% |
| 2024 | +29.5% | -12.7% |
| 2025 | -3.2% | +5.7% |
| 2026 | +14.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BANR and VXZ good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BANR and VXZ?
The BANR/VXZ correlation stands at -0.49 on a 3-year window (1 year: -0.22, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BANR?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/banr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/banr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BANR correlations · VXZ correlations
