BMN vs VXX: Correlation
How closely do BlackRock 2037 Municipal Target Term Trust (BMN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and VXX?
On 3 years of weekly data the BMN/VXX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -184.1 %².
Among the 10 assets we track against BMN, VXX sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with BMN ahead by 60.6 points (+10.9% versus -49.7%). Risk is not evenly split, since VXX carries 6.5 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.
BMN vs VXX: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.9% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 9.4% | 60.9% |
| Beta vs S&P 500 | 0.18 | -3.31 |
| Max drawdown (3Y) | -9.3% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMN | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | +1.9% | -72.5% |
| 2024 | +12.7% | -26.2% |
| 2025 | +5.5% | -42.2% |
| 2026 | +4.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and VXX good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BMN and VXX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.25 over the last year and -0.29 over 5 years.
Is VXX a good diversifier for BMN?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bmn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BMN correlations · VXX correlations
