BGR vs VXZ: Correlation
BlackRock Energy and Resources Trust (BGR) 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 -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGR and VXZ?
On 3 years of weekly data the BGR/VXZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.27 versus -0.23 over 3 years. The 5-year figure is -0.28, and annualized covariance runs at -114.6 %².
VXZ is close to the least connected end of BGR's tracked universe, ranking #18 of 19. Their recent paths diverged sharply: over the last 12 months BGR outperformed by 51.4 percentage points (+35.3% for BGR 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.
BGR vs VXZ: side by side
| BGR (BlackRock Energy and Resources Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +35.3% | -16.1% |
| 5-year return | +165.0% | -53.1% |
| Volatility (ann.) | 19.7% | 25.6% |
| Beta vs S&P 500 | 0.21 | -1.31 |
| Max drawdown (3Y) | -18.3% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 6.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGR | VXZ |
|---|---|---|
| 2022 | +38.9% | +0.5% |
| 2023 | +5.8% | -44.0% |
| 2024 | +8.1% | -12.7% |
| 2025 | +17.3% | +5.7% |
| 2026 | +30.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between BGR and VXZ?
The BGR/VXZ correlation stands at -0.23 on a 3-year window (1 year: 0.27, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BGR?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/bgr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BGR correlations · VXZ correlations
