BCDA vs VXZ: Correlation
How closely do BioCardia, Inc. (BCDA) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCDA and VXZ?
On 3 years of weekly data the BCDA/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -723.8 %².
Among the 13 assets we track against BCDA, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with VXZ ahead by 23.6 points (-39.7% versus -16.1%). One caveat on sizing: BCDA is 4.0 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.
BCDA vs VXZ: side by side
| BCDA (BioCardia, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.7% | -16.1% |
| 5-year return | -97.4% | -53.1% |
| Volatility (ann.) | 102.2% | 25.6% |
| Beta vs S&P 500 | 1.62 | -1.31 |
| Max drawdown (3Y) | -95.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCDA | VXZ |
|---|---|---|
| 2022 | +7.7% | +0.5% |
| 2023 | -68.4% | -44.0% |
| 2024 | -78.0% | -12.7% |
| 2025 | -42.7% | +5.7% |
| 2026 | -6.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCDA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between BCDA and VXZ?
The BCDA/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.19, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BCDA?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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/bcda-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcda-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BCDA correlations · VXZ correlations
