BCIC vs VXZ: Correlation
How closely do BCP Investment Corporation - Closed End Fund (BCIC) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCIC and VXZ?
On 3 years of weekly data the BCIC/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.48) than the 3-year average (-0.32). The 5-year figure is -0.30, and annualized covariance runs at -185.6 %².
VXZ is close to the least connected end of BCIC's tracked universe, ranking #12 of 14. On 12-month performance VXZ holds a 10.9-point edge, -27.0% against -16.1%.
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.
BCIC vs VXZ: side by side
| BCIC (BCP Investment Corporation - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -27.0% | -16.1% |
| 5-year return | -38.0% | -53.1% |
| Volatility (ann.) | 22.8% | 25.6% |
| Beta vs S&P 500 | 0.53 | -1.31 |
| Max drawdown (3Y) | -52.7% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 17.34% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCIC | VXZ |
|---|---|---|
| 2022 | +3.8% | +0.5% |
| 2023 | -9.0% | -44.0% |
| 2024 | +3.9% | -12.7% |
| 2025 | -15.8% | +5.7% |
| 2026 | -28.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCIC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, BCIC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCIC and VXZ?
The BCIC/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.48, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BCIC?
Yes. With a correlation of -0.32, BCIC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/bcic-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcic-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BCIC correlations · VXZ correlations
