BMN vs VXZ: Correlation
Measured on weekly returns over the past three years, BlackRock 2037 Municipal Target Term Trust (BMN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and VXZ?
On 3 years of weekly data the BMN/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -88.4 %².
Out of 10 assets tracked against BMN, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with BMN ahead by 27.0 points (+10.9% versus -16.1%). One caveat on sizing: VXZ is 2.7 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.
BMN vs VXZ: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.9% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 9.4% | 25.6% |
| Beta vs S&P 500 | 0.18 | -1.31 |
| Max drawdown (3Y) | -9.3% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMN | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +1.9% | -44.0% |
| 2024 | +12.7% | -12.7% |
| 2025 | +5.5% | +5.7% |
| 2026 | +4.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between BMN and VXZ?
The BMN/VXZ correlation stands at -0.37 on a 3-year window (1 year: -0.33, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BMN?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BMN correlations · VXZ correlations
