BCSF vs VXZ: Correlation
How closely do Bain Capital Specialty Finance, Inc. (BCSF) 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 -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCSF and VXZ?
On 3 years of weekly data the BCSF/VXZ correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.37 versus -0.49 over 3 years. The 5-year figure is -0.51, and annualized covariance runs at -237.8 %².
VXZ is close to the least connected end of BCSF's tracked universe, ranking #14 of 15. Their 12-month results are close: -12.0% for BCSF 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.
BCSF vs VXZ: side by side
| BCSF (Bain Capital Specialty Finance, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -12.0% | -16.1% |
| 5-year return | +39.1% | -53.1% |
| Volatility (ann.) | 18.9% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -26.4% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 14.12% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCSF | VXZ |
|---|---|---|
| 2022 | -13.3% | +0.5% |
| 2023 | +42.0% | -44.0% |
| 2024 | +29.5% | -12.7% |
| 2025 | -9.6% | +5.7% |
| 2026 | -8.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCSF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, BCSF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCSF and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.37 over the last year and -0.51 over 5 years.
Is VXZ a good diversifier for BCSF?
Yes. With a correlation of -0.49, BCSF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bcsf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcsf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BCSF correlations · VXZ correlations
