BNED vs VXZ: Correlation
How closely do Barnes & Noble Education, Inc (BNED) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNED and VXZ?
Across a 3-year window, the weekly returns of BNED and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.50) runs below the 3-year figure (-0.29). Stretching to 5 years gives -0.28, with an annualized covariance of -826.0 %².
Among the 11 assets we track against BNED, VXZ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: BNED led by 57.2 percentage points, +41.1% for BNED against -16.1% for VXZ. One caveat on sizing: BNED is 4.4 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.
BNED vs VXZ: side by side
| BNED (Barnes & Noble Education, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +41.1% | -16.1% |
| 5-year return | -98.4% | -53.1% |
| Volatility (ann.) | 111.9% | 25.6% |
| Beta vs S&P 500 | 1.64 | -1.31 |
| Max drawdown (3Y) | -97.3% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNED | VXZ |
|---|---|---|
| 2022 | -74.3% | +0.5% |
| 2023 | -14.9% | -44.0% |
| 2024 | -93.3% | -12.7% |
| 2025 | -8.5% | +5.7% |
| 2026 | +33.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNED and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, BNED and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BNED and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.50 over the last year and -0.28 over 5 years.
Is VXZ a good diversifier for BNED?
Yes. With a correlation of -0.29, BNED and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 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/bned-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bned-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNED correlations · VXZ correlations
