BMRN vs VXZ: Correlation
BioMarin Pharmaceutical Inc. (BMRN) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMRN and VXZ?
Over the past 3 years, BMRN and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -186.5 %².
VXZ is close to the least connected end of BMRN's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with BMRN ahead by 27.4 points (+11.3% versus -16.1%).
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.
BMRN vs VXZ: side by side
| BMRN (BioMarin Pharmaceutical Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.3% | -16.1% |
| 5-year return | -21.6% | -53.1% |
| Volatility (ann.) | 28.1% | 25.6% |
| Beta vs S&P 500 | 0.46 | -1.31 |
| Max drawdown (3Y) | -49.8% | -36.4% |
| Market cap | $12.6B | – |
| P/E (trailing) | 176.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMRN | VXZ |
|---|---|---|
| 2022 | +17.1% | +0.5% |
| 2023 | -6.8% | -44.0% |
| 2024 | -31.8% | -12.7% |
| 2025 | -9.6% | +5.7% |
| 2026 | +9.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMRN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, BMRN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BMRN and VXZ?
The BMRN/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.27, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BMRN?
Yes. With a correlation of -0.26, BMRN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/bmrn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmrn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BMRN correlations · VXZ correlations
