BMEZ vs VXZ: Correlation
How closely do BlackRock Health Sciences Term Trust (BMEZ) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMEZ and VXZ?
Over the past 3 years, BMEZ and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.57) runs below the 3-year figure (-0.43). Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -182.1 %².
VXZ is close to the least connected end of BMEZ's tracked universe, ranking #22 of 23. Their recent paths diverged sharply: over the last 12 months BMEZ outperformed by 47.5 percentage points (+31.4% for BMEZ against -16.1% for VXZ). Risk is not evenly split, since VXZ 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.
BMEZ vs VXZ: side by side
| BMEZ (BlackRock Health Sciences Term Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.4% | -16.1% |
| 5-year return | +0.9% | -53.1% |
| Volatility (ann.) | 16.5% | 25.6% |
| Beta vs S&P 500 | 0.63 | -1.31 |
| Max drawdown (3Y) | -18.3% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 6.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMEZ | VXZ |
|---|---|---|
| 2022 | -32.7% | +0.5% |
| 2023 | +5.1% | -44.0% |
| 2024 | +9.5% | -12.7% |
| 2025 | +18.7% | +5.7% |
| 2026 | +20.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMEZ and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BMEZ and VXZ?
As of 2026-08-27, the correlation of weekly returns between BMEZ and VXZ is -0.43 over 3 years, -0.57 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for BMEZ?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/bmez-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmez-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BMEZ correlations · VXZ correlations
