BDCZ vs VXZ: Correlation
ETRACS MarketVector Business Development Companies Liquid (BDCZ) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and VXZ?
Over the past 3 years, BDCZ and VXZ moved with a correlation of -0.55, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.42) than the 3-year average (-0.55). Over 5 years the correlation is -0.57, and the annualized covariance of weekly returns is -224.7 %².
Among the 49 assets we track against BDCZ, VXZ sits near the bottom by co-movement, at rank #49. On 12-month performance BDCZ holds a 12.1-point edge, -4.0% against -16.1%. Risk is not evenly split, since VXZ carries 1.6 times the volatility of the other side.
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.
BDCZ vs VXZ: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.0% | -16.1% |
| 5-year return | +29.0% | -53.1% |
| Volatility (ann.) | 16.0% | 25.6% |
| Beta vs S&P 500 | 0.58 | -1.31 |
| Max drawdown (3Y) | -20.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | VXZ |
|---|---|---|
| 2022 | -9.1% | +0.5% |
| 2023 | +25.3% | -44.0% |
| 2024 | +12.2% | -12.7% |
| 2025 | -3.7% | +5.7% |
| 2026 | +0.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.55, BDCZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BDCZ and VXZ?
As of 2026-08-27, the correlation of weekly returns between BDCZ and VXZ is -0.55 over 3 years, -0.42 over 1 year and -0.57 over 5 years.
Is VXZ a good diversifier for BDCZ?
Yes. With a correlation of -0.55, BDCZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.55 mean?
A reading of -0.55 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/bdcz-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdcz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BDCZ correlations · VXZ correlations
