BME vs VXZ: Correlation
Measured on weekly returns over the past three years, Blackrock Health Sciences Trust (BME) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BME and VXZ?
On 3 years of weekly data the BME/VXZ correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.46) sits close to the 3-year figure. The 5-year figure is -0.50, and annualized covariance runs at -184.2 %².
VXZ is close to the least connected end of BME's tracked universe, ranking #34 of 34. Correlation aside, the last 12 months split them widely, with BME ahead by 52.1 points (+36.0% versus -16.1%). Risk is not evenly split, since VXZ carries 1.8 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.
BME vs VXZ: side by side
| BME (Blackrock Health Sciences Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.0% | -16.1% |
| 5-year return | +33.5% | -53.1% |
| Volatility (ann.) | 14.4% | 25.6% |
| Beta vs S&P 500 | 0.45 | -1.31 |
| Max drawdown (3Y) | -14.4% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 7.8 | – |
| Dividend yield | 6.80% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BME | VXZ |
|---|---|---|
| 2022 | -4.6% | +0.5% |
| 2023 | -1.1% | -44.0% |
| 2024 | -0.1% | -12.7% |
| 2025 | +17.9% | +5.7% |
| 2026 | +17.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BME and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between BME and VXZ?
The BME/VXZ correlation stands at -0.50 on a 3-year window (1 year: -0.46, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BME?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bme-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bme-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BME correlations · VXZ correlations
