BMI vs VXZ: Correlation
Badger Meter, Inc. (BMI) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMI and VXZ?
On 3 years of weekly data the BMI/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.33). The 5-year figure is -0.40, and annualized covariance runs at -301.7 %².
Out of 15 assets tracked against BMI, VXZ lands near the bottom at #14. The trailing year gives VXZ the advantage: -26.1% versus -16.1%, a 10.0-point spread.
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.
BMI vs VXZ: side by side
| BMI (Badger Meter, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.1% | -16.1% |
| 5-year return | +33.9% | -53.1% |
| Volatility (ann.) | 35.9% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -55.1% | -36.4% |
| Market cap | $4.0B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 1.17% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMI | VXZ |
|---|---|---|
| 2022 | +3.2% | +0.5% |
| 2023 | +42.6% | -44.0% |
| 2024 | +38.3% | -12.7% |
| 2025 | -17.2% | +5.7% |
| 2026 | -20.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between BMI and VXZ?
The BMI/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.22, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BMI?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/bmi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BMI correlations · VXZ correlations
