BANX vs VXZ: Correlation
ArrowMark Financial Corp. - Closed End Fund (BANX) 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 -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BANX and VXZ?
Across a 3-year window, the weekly returns of BANX and VXZ correlate at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.46 lands near the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -141.2 %².
VXZ is close to the least connected end of BANX's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with BANX ahead by 29.1 points (+13.0% versus -16.1%). Note the risk asymmetry: VXZ 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.
BANX vs VXZ: side by side
| BANX (ArrowMark Financial Corp. - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.0% | -16.1% |
| 5-year return | +58.6% | -53.1% |
| Volatility (ann.) | 14.7% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -13.7% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 8.75% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BANX | VXZ |
|---|---|---|
| 2022 | -15.3% | +0.5% |
| 2023 | +20.4% | -44.0% |
| 2024 | +27.7% | -12.7% |
| 2025 | +15.6% | +5.7% |
| 2026 | +0.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BANX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, BANX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BANX and VXZ?
As of 2026-08-27, the correlation of weekly returns between BANX and VXZ is -0.37 over 3 years, -0.46 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for BANX?
Yes. With a correlation of -0.37, BANX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/banx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/banx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BANX correlations · VXZ correlations
