BELFA vs VXZ: Correlation
Measured on weekly returns over the past three years, Bel Fuse Inc. (BELFA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BELFA and VXZ?
Across a 3-year window, the weekly returns of BELFA and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.32 over 3. Stretching to 5 years gives -0.32, with an annualized covariance of -395.5 %².
Out of 10 assets tracked against BELFA, VXZ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with BELFA ahead by 96.6 points (+80.5% versus -16.1%). Risk is not evenly split, since BELFA carries 1.9 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.
BELFA vs VXZ: side by side
| BELFA (Bel Fuse Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +80.5% | -16.1% |
| 5-year return | +1292.5% | -53.1% |
| Volatility (ann.) | 48.6% | 25.6% |
| Beta vs S&P 500 | 1.30 | -1.31 |
| Max drawdown (3Y) | -43.4% | -36.4% |
| Market cap | $3.1B | – |
| P/E (trailing) | 54.3 | – |
| Dividend yield | 0.11% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BELFA | VXZ |
|---|---|---|
| 2022 | +117.0% | +0.5% |
| 2023 | +102.0% | -44.0% |
| 2024 | +39.8% | -12.7% |
| 2025 | +69.0% | +5.7% |
| 2026 | +40.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BELFA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, BELFA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BELFA and VXZ?
As of 2026-08-27, the correlation of weekly returns between BELFA and VXZ is -0.32 over 3 years, -0.37 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for BELFA?
Yes. With a correlation of -0.32, BELFA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/belfa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/belfa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BELFA correlations · VXZ correlations
