BLW vs VXZ: Correlation
Blackrock Limited Duration Income Trust (BLW) 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 -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLW and VXZ?
Over the past 3 years, BLW and VXZ moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.55) sits close to the 3-year figure. Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -132.8 %².
Out of 17 assets tracked against BLW, VXZ lands near the bottom at #17. Their recent paths diverged sharply: over the last 12 months BLW outperformed by 15.9 percentage points (-0.2% for BLW against -16.1% for VXZ). One caveat on sizing: VXZ is 2.6 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.
BLW vs VXZ: side by side
| BLW (Blackrock Limited Duration Income Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.2% | -16.1% |
| 5-year return | +16.7% | -53.1% |
| Volatility (ann.) | 9.8% | 25.6% |
| Beta vs S&P 500 | 0.38 | -1.31 |
| Max drawdown (3Y) | -11.2% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 10.69% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLW | VXZ |
|---|---|---|
| 2022 | -15.9% | +0.5% |
| 2023 | +17.3% | -44.0% |
| 2024 | +11.1% | -12.7% |
| 2025 | +7.1% | +5.7% |
| 2026 | -0.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLW and VXZ good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLW and VXZ?
The BLW/VXZ correlation stands at -0.53 on a 3-year window (1 year: -0.55, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BLW?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 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/blw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BLW correlations · VXZ correlations
