BBVA vs VXZ: Correlation
Measured on weekly returns over the past three years, Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBVA and VXZ?
Over the past 3 years, BBVA and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.63 versus -0.36 over 3 years. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -274.2 %².
Among the 12 assets we track against BBVA, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with BBVA ahead by 83.9 points (+67.8% versus -16.1%).
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.
BBVA vs VXZ: side by side
| BBVA (Banco Bilbao Vizcaya Argentaria S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +67.8% | -16.1% |
| 5-year return | +503.8% | -53.1% |
| Volatility (ann.) | 29.9% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -22.1% | -36.4% |
| Market cap | $158.3B | – |
| P/E (trailing) | 13.2 | – |
| Dividend yield | 2.07% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBVA | VXZ |
|---|---|---|
| 2022 | +10.1% | +0.5% |
| 2023 | +62.5% | -44.0% |
| 2024 | +14.2% | -12.7% |
| 2025 | +154.0% | +5.7% |
| 2026 | +26.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBVA and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BBVA and VXZ?
The BBVA/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.63, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BBVA?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/bbva-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bbva-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBVA correlations · VXZ correlations
