BCAL vs VXX: Correlation
How closely do California BanCorp (BCAL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAL and VXX?
Across a 3-year window, the weekly returns of BCAL and VXX correlate at -0.42, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.29 versus -0.42 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -684.9 %².
Among the 13 assets we track against BCAL, VXX sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months BCAL outperformed by 77.7 percentage points (+28.0% for BCAL against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.3 times the volatility of the other side.
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.
BCAL vs VXX: side by side
| BCAL (California BanCorp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.0% | -49.7% |
| 5-year return | +52.2% | -95.6% |
| Volatility (ann.) | 26.5% | 60.9% |
| Beta vs S&P 500 | 0.82 | -3.31 |
| Max drawdown (3Y) | -32.3% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAL | VXX |
|---|---|---|
| 2022 | +12.3% | -23.8% |
| 2023 | +3.1% | -72.5% |
| 2024 | -4.7% | -26.2% |
| 2025 | +13.5% | -42.2% |
| 2026 | +15.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAL and VXX good diversifiers for each other?
Yes. With a correlation of -0.42, BCAL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCAL and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.29 over the last year and -0.32 over 5 years.
Is VXX a good diversifier for BCAL?
Yes. With a correlation of -0.42, BCAL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/bcal-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcal-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BCAL correlations · VXX correlations
