BOH vs VXZ: Correlation
Measured on weekly returns over the past three years, Bank of Hawaii Corporation (BOH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOH and VXZ?
Across a 3-year window, the weekly returns of BOH and VXZ correlate at -0.41, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -308.8 %².
VXZ is close to the least connected end of BOH's tracked universe, ranking #12 of 12. Their recent paths diverged sharply: over the last 12 months BOH outperformed by 33.0 percentage points (+16.9% for BOH 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.
BOH vs VXZ: side by side
| BOH (Bank of Hawaii Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.9% | -16.1% |
| 5-year return | +14.3% | -53.1% |
| Volatility (ann.) | 29.1% | 25.6% |
| Beta vs S&P 500 | 0.71 | -1.31 |
| Max drawdown (3Y) | -24.2% | -36.4% |
| Market cap | $3.0B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 3.62% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOH | VXZ |
|---|---|---|
| 2022 | -4.1% | +0.5% |
| 2023 | -1.5% | -44.0% |
| 2024 | +3.6% | -12.7% |
| 2025 | +0.0% | +5.7% |
| 2026 | +15.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOH and VXZ good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BOH and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.31 over the last year and -0.43 over 5 years.
Is VXZ a good diversifier for BOH?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/boh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/boh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BOH correlations · VXZ correlations
