BGY vs VXZ: Correlation
Blackrock Enhanced International Dividend Trust (BGY) 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 -0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGY and VXZ?
Over the past 3 years, BGY and VXZ moved with a correlation of -0.57, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.71) than the 3-year average (-0.57). Over 5 years the correlation is -0.60, and the annualized covariance of weekly returns is -230.6 %².
VXZ is close to the least connected end of BGY's tracked universe, ranking #12 of 13. Correlation aside, the last 12 months split them widely, with BGY ahead by 28.0 points (+11.9% versus -16.1%). One caveat on sizing: VXZ is 1.6 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.
BGY vs VXZ: side by side
| BGY (Blackrock Enhanced International Dividend Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.9% | -16.1% |
| 5-year return | +38.4% | -53.1% |
| Volatility (ann.) | 15.7% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -15.5% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 6.6 | – |
| Dividend yield | 8.63% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGY | VXZ |
|---|---|---|
| 2022 | -13.6% | +0.5% |
| 2023 | +13.4% | -44.0% |
| 2024 | +8.7% | -12.7% |
| 2025 | +21.3% | +5.7% |
| 2026 | +6.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGY and VXZ good diversifiers for each other?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGY and VXZ?
The BGY/VXZ correlation stands at -0.57 on a 3-year window (1 year: -0.71, 5 years: -0.60), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BGY?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.57 mean?
On the −1 to +1 scale, -0.57 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/bgy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BGY correlations · VXZ correlations
