BHE vs VXX: Correlation
Measured on weekly returns over the past three years, Benchmark Electronics, Inc. (BHE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHE and VXX?
Across a 3-year window, the weekly returns of BHE and VXX correlate at -0.43, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.43). Stretching to 5 years gives -0.41, with an annualized covariance of -960.8 %².
Among the 16 assets we track against BHE, VXX sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with BHE ahead by 131.1 points (+81.4% versus -49.7%). One caveat on sizing: VXX is 1.7 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.
BHE vs VXX: side by side
| BHE (Benchmark Electronics, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +81.4% | -49.7% |
| 5-year return | +202.1% | -95.6% |
| Volatility (ann.) | 36.4% | 60.9% |
| Beta vs S&P 500 | 1.21 | -3.31 |
| Max drawdown (3Y) | -36.7% | -83.3% |
| Market cap | $2.6B | – |
| P/E (trailing) | 49.5 | – |
| Dividend yield | 0.94% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHE | VXX |
|---|---|---|
| 2022 | +1.1% | -23.8% |
| 2023 | +6.3% | -72.5% |
| 2024 | +67.1% | -26.2% |
| 2025 | -4.2% | -42.2% |
| 2026 | +73.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHE and VXX good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BHE and VXX?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.25 over the last year and -0.41 over 5 years.
Is VXX a good diversifier for BHE?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bhe-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhe-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BHE correlations · VXX correlations
