BNS vs VXZ: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and VXZ?
On 3 years of weekly data the BNS/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.54) runs below the 3-year figure (-0.41). The 5-year figure is -0.45, and annualized covariance runs at -184.2 %².
Out of 11 assets tracked against BNS, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months BNS outperformed by 68.0 percentage points (+51.9% for BNS 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.
BNS vs VXZ: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.9% | -16.1% |
| 5-year return | +90.5% | -53.1% |
| Volatility (ann.) | 17.4% | 25.6% |
| Beta vs S&P 500 | 0.58 | -1.31 |
| Max drawdown (3Y) | -19.5% | -36.4% |
| Market cap | $113.3B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 4.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNS | VXZ |
|---|---|---|
| 2022 | -28.8% | +0.5% |
| 2023 | +6.0% | -44.0% |
| 2024 | +17.6% | -12.7% |
| 2025 | +43.4% | +5.7% |
| 2026 | +27.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between BNS and VXZ?
The BNS/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.54, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BNS?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bns-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bns-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNS correlations · VXZ correlations
