BNL vs VXZ: Correlation
How closely do Bro (BNL) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNL and VXZ?
Over the past 3 years, BNL and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.36). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -193.2 %².
Among the 13 assets we track against BNL, VXZ sits near the bottom by co-movement, at rank #13. The last year tells two different stories: BNL led by 38.5 percentage points, +22.4% for BNL against -16.1% for VXZ.
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.
BNL vs VXZ: side by side
| BNL (Bro) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.4% | -16.1% |
| 5-year return | +7.7% | -53.1% |
| Volatility (ann.) | 21.0% | 25.6% |
| Beta vs S&P 500 | 0.31 | -1.31 |
| Max drawdown (3Y) | -19.5% | -36.4% |
| Market cap | $4.5B | – |
| P/E (trailing) | 28.2 | – |
| Dividend yield | 5.47% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNL | VXZ |
|---|---|---|
| 2022 | -30.8% | +0.5% |
| 2023 | +14.0% | -44.0% |
| 2024 | -1.1% | -12.7% |
| 2025 | +17.3% | +5.7% |
| 2026 | +25.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNL and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BNL and VXZ?
The BNL/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.14, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BNL?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/bnl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bnl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNL correlations · VXZ correlations
