BCAT vs VXX: Correlation
BlackRock Capital Allocation Term Trust (BCAT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAT and VXX?
Across a 3-year window, the weekly returns of BCAT and VXX correlate at -0.53, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.50 over 1 year against -0.53 over 3. Stretching to 5 years gives -0.51, with an annualized covariance of -427.0 %².
Out of 11 assets tracked against BCAT, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months BCAT outperformed by 81.9 percentage points (+32.2% for BCAT against -49.7% for VXX). One caveat on sizing: VXX is 4.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BCAT vs VXX: side by side
| BCAT (BlackRock Capital Allocation Term Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.2% | -49.7% |
| 5-year return | +49.6% | -95.6% |
| Volatility (ann.) | 13.1% | 60.9% |
| Beta vs S&P 500 | 0.60 | -3.31 |
| Max drawdown (3Y) | -13.7% | -83.3% |
| Market cap | $1.7B | – |
| P/E (trailing) | 7.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAT | VXX |
|---|---|---|
| 2022 | -22.6% | -23.8% |
| 2023 | +19.3% | -72.5% |
| 2024 | +19.4% | -26.2% |
| 2025 | +16.8% | -42.2% |
| 2026 | +28.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAT and VXX good diversifiers for each other?
Yes. With a correlation of -0.53, BCAT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCAT and VXX?
Using weekly returns as of 2026-08-27: -0.53 over 3 years, with -0.50 over the last year and -0.51 over 5 years.
Is VXX a good diversifier for BCAT?
Yes. With a correlation of -0.53, BCAT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 mean?
A reading of -0.53 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/bcat-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcat-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BCAT correlations · VXX correlations
