BGT vs VXX: Correlation
How closely do BlackRock Floating Rate Income Trust (BGT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGT and VXX?
On 3 years of weekly data the BGT/VXX correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.59 versus -0.46 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -345.7 %².
VXX is close to the least connected end of BGT's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months BGT outperformed by 50.5 percentage points (+0.8% for BGT against -49.7% for VXX). Risk is not evenly split, since VXX carries 4.9 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.
BGT vs VXX: side by side
| BGT (BlackRock Floating Rate Income Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.8% | -49.7% |
| 5-year return | +41.9% | -95.6% |
| Volatility (ann.) | 12.4% | 60.9% |
| Beta vs S&P 500 | 0.46 | -3.31 |
| Max drawdown (3Y) | -15.9% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 15.6 | – |
| Dividend yield | 13.12% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGT | VXX |
|---|---|---|
| 2022 | -16.6% | -23.8% |
| 2023 | +26.3% | -72.5% |
| 2024 | +16.1% | -26.2% |
| 2025 | -0.9% | -42.2% |
| 2026 | +6.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGT and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between BGT and VXX?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.59 over the last year and -0.41 over 5 years.
Is VXX a good diversifier for BGT?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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/bgt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BGT correlations · VXX correlations
