BCV vs VXZ: Correlation
How closely do Bancroft Fund, Ltd. (BCV) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCV and VXZ?
Over the past 3 years, BCV and VXZ moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.35) than the 3-year average (-0.45). Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -202.4 %².
Out of 20 assets tracked against BCV, VXZ lands near the bottom at #19. Correlation aside, the last 12 months split them widely, with BCV ahead by 44.4 points (+28.3% versus -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.
BCV vs VXZ: side by side
| BCV (Bancroft Fund, Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.3% | -16.1% |
| 5-year return | +22.7% | -53.1% |
| Volatility (ann.) | 17.6% | 25.6% |
| Beta vs S&P 500 | 0.68 | -1.31 |
| Max drawdown (3Y) | -14.6% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.7 | – |
| Dividend yield | 5.42% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCV | VXZ |
|---|---|---|
| 2022 | -33.7% | +0.5% |
| 2023 | +5.6% | -44.0% |
| 2024 | +19.8% | -12.7% |
| 2025 | +33.4% | +5.7% |
| 2026 | +16.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.45, BCV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCV and VXZ?
The BCV/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.35, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BCV?
Yes. With a correlation of -0.45, BCV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
A reading of -0.45 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/bcv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BCV correlations · VXZ correlations
