BHE vs VXZ: Correlation
Benchmark Electronics, Inc. (BHE) 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 -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHE and VXZ?
Over the past 3 years, BHE and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.21 versus -0.42 over 3 years. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -392.1 %².
VXZ is close to the least connected end of BHE's tracked universe, ranking #15 of 16. The last year tells two different stories: BHE led by 97.5 percentage points, +81.4% for BHE against -16.1% for VXZ.
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 VXZ: side by side
| BHE (Benchmark Electronics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +81.4% | -16.1% |
| 5-year return | +202.1% | -53.1% |
| Volatility (ann.) | 36.4% | 25.6% |
| Beta vs S&P 500 | 1.21 | -1.31 |
| Max drawdown (3Y) | -36.7% | -36.4% |
| Market cap | $2.6B | – |
| P/E (trailing) | 49.5 | – |
| Dividend yield | 0.94% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHE | VXZ |
|---|---|---|
| 2022 | +1.1% | +0.5% |
| 2023 | +6.3% | -44.0% |
| 2024 | +67.1% | -12.7% |
| 2025 | -4.2% | +5.7% |
| 2026 | +73.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between BHE and VXZ?
The BHE/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.21, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BHE?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/bhe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHE correlations · VXZ correlations
