BCAL vs VXZ: Correlation
Measured on weekly returns over the past three years, California BanCorp (BCAL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAL and VXZ?
Over the past 3 years, BCAL and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.43 over 3. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -294.4 %².
Out of 13 assets tracked against BCAL, VXZ lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months BCAL outperformed by 44.1 percentage points (+28.0% for BCAL 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.
BCAL vs VXZ: side by side
| BCAL (California BanCorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.0% | -16.1% |
| 5-year return | +52.2% | -53.1% |
| Volatility (ann.) | 26.5% | 25.6% |
| Beta vs S&P 500 | 0.82 | -1.31 |
| Max drawdown (3Y) | -32.3% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.40% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAL | VXZ |
|---|---|---|
| 2022 | +12.3% | +0.5% |
| 2023 | +3.1% | -44.0% |
| 2024 | -4.7% | -12.7% |
| 2025 | +13.5% | +5.7% |
| 2026 | +15.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between BCAL and VXZ?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.34 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for BCAL?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bcal-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcal-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BCAL correlations · VXZ correlations
