BFS vs VXZ: Correlation
Saul Centers, Inc. (BFS) 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 -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFS and VXZ?
Across a 3-year window, the weekly returns of BFS and VXZ correlate at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.37). Stretching to 5 years gives -0.45, with an annualized covariance of -198.1 %².
Among the 17 assets we track against BFS, VXZ sits near the bottom by co-movement, at rank #17. Their recent paths diverged sharply: over the last 12 months BFS outperformed by 21.8 percentage points (+5.7% for BFS 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.
BFS vs VXZ: side by side
| BFS (Saul Centers, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.7% | -16.1% |
| 5-year return | -2.0% | -53.1% |
| Volatility (ann.) | 20.9% | 25.6% |
| Beta vs S&P 500 | 0.41 | -1.31 |
| Max drawdown (3Y) | -24.1% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 34.8 | – |
| Dividend yield | 7.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFS | VXZ |
|---|---|---|
| 2022 | -19.4% | +0.5% |
| 2023 | +2.6% | -44.0% |
| 2024 | +5.0% | -12.7% |
| 2025 | -12.8% | +5.7% |
| 2026 | +11.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFS and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BFS and VXZ?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.18 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for BFS?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bfs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bfs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BFS correlations · VXZ correlations
