BGH vs VXX: Correlation
Barings Global Short Duration High Yield Fund (BGH) 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 -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGH and VXX?
Across a 3-year window, the weekly returns of BGH and VXX correlate at -0.53, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.53 over 3. Stretching to 5 years gives -0.51, with an annualized covariance of -428.6 %².
Out of 13 assets tracked against BGH, VXX lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months BGH outperformed by 46.9 percentage points (-2.8% for BGH against -49.7% for VXX). One caveat on sizing: VXX is 4.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BGH vs VXX: side by side
| BGH (Barings Global Short Duration High Yield Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.8% | -49.7% |
| 5-year return | +37.9% | -95.6% |
| Volatility (ann.) | 13.2% | 60.9% |
| Beta vs S&P 500 | 0.54 | -3.31 |
| Max drawdown (3Y) | -16.9% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 14.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGH | VXX |
|---|---|---|
| 2022 | -19.9% | -23.8% |
| 2023 | +18.2% | -72.5% |
| 2024 | +27.3% | -26.2% |
| 2025 | +8.5% | -42.2% |
| 2026 | +1.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGH and VXX good diversifiers for each other?
Yes. With a correlation of -0.53, BGH and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BGH and VXX?
Using weekly returns as of 2026-08-27: -0.53 over 3 years, with -0.44 over the last year and -0.51 over 5 years.
Is VXX a good diversifier for BGH?
Yes. With a correlation of -0.53, BGH and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 mean?
A reading of -0.53 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/bgh-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgh-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BGH correlations · VXX correlations
