BDC vs VXZ: Correlation
How closely do Belden Inc (BDC) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDC and VXZ?
Over the past 3 years, BDC and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -355.9 %².
VXZ is close to the least connected end of BDC's tracked universe, ranking #12 of 13. The trailing year gives BDC the advantage: -9.6% versus -16.1%, a 6.5-point spread. Note the risk asymmetry: BDC runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BDC vs VXZ: side by side
| BDC (Belden Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -9.6% | -16.1% |
| 5-year return | +113.6% | -53.1% |
| Volatility (ann.) | 39.2% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -35.8% | -36.4% |
| Market cap | $4.7B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 0.17% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDC | VXZ |
|---|---|---|
| 2022 | +9.7% | +0.5% |
| 2023 | +7.7% | -44.0% |
| 2024 | +46.1% | -12.7% |
| 2025 | +3.7% | +5.7% |
| 2026 | +3.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, BDC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BDC and VXZ?
The BDC/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.31, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BDC?
Yes. With a correlation of -0.36, BDC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 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/bdc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BDC correlations · VXZ correlations
