BGX vs VXZ: Correlation
Measured on weekly returns over the past three years, Blackstone Long Short Credit Income Fund (BGX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGX and VXZ?
Across a 3-year window, the weekly returns of BGX and VXZ correlate at -0.53, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.58 lands near the 3-year figure. Stretching to 5 years gives -0.51, with an annualized covariance of -135.0 %².
Out of 14 assets tracked against BGX, VXZ lands near the bottom at #13. Over the last 12 months BGX came out ahead by 9.5 percentage points (-6.6% against -16.1%). Note the risk asymmetry: VXZ runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BGX vs VXZ: side by side
| BGX (Blackstone Long Short Credit Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.6% | -16.1% |
| 5-year return | +15.1% | -53.1% |
| Volatility (ann.) | 10.0% | 25.6% |
| Beta vs S&P 500 | 0.39 | -1.31 |
| Max drawdown (3Y) | -14.1% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGX | VXZ |
|---|---|---|
| 2022 | -20.6% | +0.5% |
| 2023 | +18.9% | -44.0% |
| 2024 | +19.8% | -12.7% |
| 2025 | +2.1% | +5.7% |
| 2026 | -3.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGX 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 BGX and VXZ?
The BGX/VXZ correlation stands at -0.53 on a 3-year window (1 year: -0.58, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BGX?
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?
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/bgx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BGX correlations · VXZ correlations
