BKR vs VXZ: Correlation
Baker Hughes (BKR) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and VXZ?
On 3 years of weekly data the BKR/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.03) runs above the 3-year figure (-0.26). The 5-year figure is -0.26, and annualized covariance runs at -213.3 %².
VXZ is close to the least connected end of BKR's tracked universe, ranking #29 of 30. Correlation aside, the last 12 months split them widely, with BKR ahead by 57.0 points (+40.9% versus -16.1%).
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.
BKR vs VXZ: side by side
| BKR (Baker Hughes) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +40.9% | -16.1% |
| 5-year return | +205.5% | -53.1% |
| Volatility (ann.) | 32.2% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -28.0% | -36.4% |
| Market cap | $61.7B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 1.48% | – |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | BKR | VXZ |
|---|---|---|
| 2022 | +26.0% | +0.5% |
| 2023 | +18.6% | -44.0% |
| 2024 | +23.1% | -12.7% |
| 2025 | +13.4% | +5.7% |
| 2026 | +37.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BKR and VXZ?
As of 2026-08-27, the correlation of weekly returns between BKR and VXZ is -0.26 over 3 years, 0.03 over 1 year and -0.26 over 5 years.
Is VXZ a good diversifier for BKR?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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/bkr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bkr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BKR correlations · VXZ correlations
