BL vs VXZ: Correlation
BlackLine, Inc. (BL) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BL and VXZ?
Across a 3-year window, the weekly returns of BL and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.30). Stretching to 5 years gives -0.33, with an annualized covariance of -315.6 %².
Among the 15 assets we track against BL, VXZ sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with VXZ ahead by 22.2 points (-38.3% versus -16.1%). Risk is not evenly split, since BL carries 1.6 times the volatility of the other side.
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.
BL vs VXZ: side by side
| BL (BlackLine, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -38.3% | -16.1% |
| 5-year return | -69.6% | -53.1% |
| Volatility (ann.) | 40.7% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -63.2% | -36.4% |
| Market cap | $2.0B | – |
| P/E (trailing) | 60.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BL | VXZ |
|---|---|---|
| 2022 | -35.0% | +0.5% |
| 2023 | -7.2% | -44.0% |
| 2024 | -2.7% | -12.7% |
| 2025 | -9.0% | +5.7% |
| 2026 | -39.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, BL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BL and VXZ?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.18 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for BL?
Yes. With a correlation of -0.30, BL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 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/bl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BL correlations · VXZ correlations
