BNY vs VXZ: Correlation
Measured on weekly returns over the past three years, BNY Mellon (BNY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.61, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNY and VXZ?
Over the past 3 years, BNY and VXZ moved with a correlation of -0.61, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.53 lands near the 3-year figure. Over 5 years the correlation is -0.58, and the annualized covariance of weekly returns is -315.2 %².
VXZ is close to the least connected end of BNY's tracked universe, ranking #30 of 31. Their recent paths diverged sharply: over the last 12 months BNY outperformed by 73.3 percentage points (+57.2% for BNY 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.
BNY vs VXZ: side by side
| BNY (BNY Mellon) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.2% | -16.1% |
| 5-year return | +236.7% | -53.1% |
| Volatility (ann.) | 20.2% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -17.6% | -36.4% |
| Market cap | $110.1B | – |
| P/E (trailing) | 19.0 | – |
| Dividend yield | 1.30% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BNY | VXZ |
|---|---|---|
| 2022 | -19.1% | +0.5% |
| 2023 | +18.5% | -44.0% |
| 2024 | +51.9% | -12.7% |
| 2025 | +54.4% | +5.7% |
| 2026 | +41.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.61, BNY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BNY and VXZ?
Using weekly returns as of 2026-08-27: -0.61 over 3 years, with -0.53 over the last year and -0.58 over 5 years.
Is VXZ a good diversifier for BNY?
Yes. With a correlation of -0.61, BNY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.61 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/bny-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bny-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNY correlations · VXZ correlations
