BHRB vs VXZ: Correlation
How closely do Burke & Herbert Financial Services Corp. (BHRB) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHRB and VXZ?
Across a 3-year window, the weekly returns of BHRB and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -324.6 %².
VXZ is close to the least connected end of BHRB's tracked universe, ranking #16 of 16. Their recent paths diverged sharply: over the last 12 months BHRB outperformed by 32.1 percentage points (+16.0% for BHRB 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.
BHRB vs VXZ: side by side
| BHRB (Burke & Herbert Financial Services Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.0% | -16.1% |
| 5-year return | +57.3% | -53.1% |
| Volatility (ann.) | 31.8% | 25.6% |
| Beta vs S&P 500 | 0.74 | -1.31 |
| Max drawdown (3Y) | -30.8% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 3.07% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHRB | VXZ |
|---|---|---|
| 2022 | +33.3% | +0.5% |
| 2023 | -7.8% | -44.0% |
| 2024 | +2.9% | -12.7% |
| 2025 | +3.6% | +5.7% |
| 2026 | +17.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHRB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, BHRB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BHRB and VXZ?
As of 2026-08-27, the correlation of weekly returns between BHRB and VXZ is -0.40 over 3 years, -0.36 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for BHRB?
Yes. With a correlation of -0.40, BHRB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
A reading of -0.40 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/bhrb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhrb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHRB correlations · VXZ correlations
