BHK vs VXZ: Correlation
How closely do Blackrock Core Bond Trust (BHK) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHK and VXZ?
Over the past 3 years, BHK and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.54) than the 3-year average (-0.34). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -107.0 %².
Among the 17 assets we track against BHK, VXZ sits near the bottom by co-movement, at rank #17. Correlation aside, the last 12 months split them widely, with BHK ahead by 20.3 points (+4.2% versus -16.1%). Note the risk asymmetry: VXZ runs 2.1 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.
BHK vs VXZ: side by side
| BHK (Blackrock Core Bond Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.2% | -16.1% |
| 5-year return | -15.3% | -53.1% |
| Volatility (ann.) | 12.4% | 25.6% |
| Beta vs S&P 500 | 0.28 | -1.31 |
| Max drawdown (3Y) | -16.6% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 9.85% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHK | VXZ |
|---|---|---|
| 2022 | -32.6% | +0.5% |
| 2023 | +14.3% | -44.0% |
| 2024 | +3.9% | -12.7% |
| 2025 | +0.3% | +5.7% |
| 2026 | +1.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHK and VXZ good diversifiers for each other?
Yes. With a correlation of -0.34, BHK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BHK and VXZ?
As of 2026-08-27, the correlation of weekly returns between BHK and VXZ is -0.34 over 3 years, -0.54 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for BHK?
Yes. With a correlation of -0.34, BHK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 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/bhk-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhk-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHK correlations · VXZ correlations
