BH vs VXZ: Correlation
Measured on weekly returns over the past three years, Biglari Holdings Inc. (BH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BH and VXZ?
On 3 years of weekly data the BH/VXZ correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.25). The 5-year figure is -0.17, and annualized covariance runs at -290.3 %².
VXZ is close to the least connected end of BH's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with BH ahead by 35.7 points (+19.6% versus -16.1%). Note the risk asymmetry: BH runs 1.8 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.
BH vs VXZ: side by side
| BH (Biglari Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.6% | -16.1% |
| 5-year return | +115.0% | -53.1% |
| Volatility (ann.) | 45.1% | 25.6% |
| Beta vs S&P 500 | 0.45 | -1.31 |
| Max drawdown (3Y) | -48.0% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BH | VXZ |
|---|---|---|
| 2022 | -2.6% | +0.5% |
| 2023 | +18.8% | -44.0% |
| 2024 | +54.2% | -12.7% |
| 2025 | +30.7% | +5.7% |
| 2026 | +14.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BH and VXZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BH and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.47 over the last year and -0.17 over 5 years.
Is VXZ a good diversifier for BH?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/bh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BH correlations · VXZ correlations
