BHR vs VXZ: Correlation
Measured on weekly returns over the past three years, Braemar Hotels & Resorts Inc. (BHR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHR and VXZ?
Over the past 3 years, BHR and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -487.5 %².
VXZ is close to the least connected end of BHR's tracked universe, ranking #11 of 12. On 12-month performance VXZ holds a 5.3-point edge, -21.4% against -16.1%. One caveat on sizing: BHR is 2.2 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.
BHR vs VXZ: side by side
| BHR (Braemar Hotels & Resorts Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -21.4% | -16.1% |
| 5-year return | -47.8% | -53.1% |
| Volatility (ann.) | 55.4% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -49.7% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.88% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHR | VXZ |
|---|---|---|
| 2022 | -17.9% | +0.5% |
| 2023 | -35.2% | -44.0% |
| 2024 | +29.6% | -12.7% |
| 2025 | +3.0% | +5.7% |
| 2026 | -27.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between BHR and VXZ?
As of 2026-08-27, the correlation of weekly returns between BHR and VXZ is -0.34 over 3 years, -0.30 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for BHR?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
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/bhr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHR correlations · VXZ correlations
