BGB vs VXX: Correlation
Blackstone Strategic Credit 2027 Term Fund (BGB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGB and VXX?
On 3 years of weekly data the BGB/VXX correlation comes out at -0.56, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.62) sits close to the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -317.8 %².
VXX is close to the least connected end of BGB's tracked universe, ranking #14 of 14. Correlation aside, the last 12 months split them widely, with BGB ahead by 46.6 points (-3.1% versus -49.7%). Risk is not evenly split, since VXX carries 6.5 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.
BGB vs VXX: side by side
| BGB (Blackstone Strategic Credit 2027 Term Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.1% | -49.7% |
| 5-year return | +23.0% | -95.6% |
| Volatility (ann.) | 9.3% | 60.9% |
| Beta vs S&P 500 | 0.40 | -3.31 |
| Max drawdown (3Y) | -12.8% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGB | VXX |
|---|---|---|
| 2022 | -16.1% | -23.8% |
| 2023 | +19.5% | -72.5% |
| 2024 | +18.7% | -26.2% |
| 2025 | +4.8% | -42.2% |
| 2026 | -0.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGB and VXX good diversifiers for each other?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGB and VXX?
The BGB/VXX correlation stands at -0.56 on a 3-year window (1 year: -0.62, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for BGB?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.56 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bgb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BGB correlations · VXX correlations
