BBWI vs VXZ: Correlation
How closely do Bath & Body Works, Inc. (BBWI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBWI and VXZ?
On 3 years of weekly data the BBWI/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.58) than the 3-year average (-0.41). The 5-year figure is -0.38, and annualized covariance runs at -524.8 %².
Out of 14 assets tracked against BBWI, VXZ lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with VXZ ahead by 22.2 points (-38.3% versus -16.1%). Note the risk asymmetry: BBWI runs 2.0 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.
BBWI vs VXZ: side by side
| BBWI (Bath & Body Works, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -38.3% | -16.1% |
| 5-year return | -69.3% | -53.1% |
| Volatility (ann.) | 50.5% | 25.6% |
| Beta vs S&P 500 | 1.37 | -1.31 |
| Max drawdown (3Y) | -70.0% | -36.4% |
| Market cap | $3.8B | – |
| P/E (trailing) | 5.0 | – |
| Dividend yield | 2.12% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBWI | VXZ |
|---|---|---|
| 2022 | -38.4% | +0.5% |
| 2023 | +4.7% | -44.0% |
| 2024 | -8.3% | -12.7% |
| 2025 | -46.5% | +5.7% |
| 2026 | -4.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBWI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between BBWI and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.58 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for BBWI?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 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/bbwi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bbwi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBWI correlations · VXZ correlations
