BGH vs VXZ: Correlation
Barings Global Short Duration High Yield Fund (BGH) 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 -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGH and VXZ?
Over the past 3 years, BGH and VXZ moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.50) sits close to the 3-year figure. Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -179.7 %².
VXZ is close to the least connected end of BGH's tracked universe, ranking #13 of 13. Over the last 12 months BGH came out ahead by 13.3 percentage points (-2.8% against -16.1%). Risk is not evenly split, since VXZ 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.
BGH vs VXZ: side by side
| BGH (Barings Global Short Duration High Yield Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.8% | -16.1% |
| 5-year return | +37.9% | -53.1% |
| Volatility (ann.) | 13.2% | 25.6% |
| Beta vs S&P 500 | 0.54 | -1.31 |
| Max drawdown (3Y) | -16.9% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 14.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGH | VXZ |
|---|---|---|
| 2022 | -19.9% | +0.5% |
| 2023 | +18.2% | -44.0% |
| 2024 | +27.3% | -12.7% |
| 2025 | +8.5% | +5.7% |
| 2026 | +1.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGH and VXZ good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGH and VXZ?
The BGH/VXZ correlation stands at -0.53 on a 3-year window (1 year: -0.50, 5 years: -0.53), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BGH?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BGH correlations · VXZ correlations
