BPOP vs VXZ: Correlation
Measured on weekly returns over the past three years, Popular, Inc. (BPOP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.52, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BPOP and VXZ?
Across a 3-year window, the weekly returns of BPOP and VXZ correlate at -0.52, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.30) runs above the 3-year figure (-0.52). Stretching to 5 years gives -0.50, with an annualized covariance of -351.1 %².
VXZ is close to the least connected end of BPOP's tracked universe, ranking #11 of 12. The last year tells two different stories: BPOP led by 55.3 percentage points, +39.2% for BPOP 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.
BPOP vs VXZ: side by side
| BPOP (Popular, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +39.2% | -16.1% |
| 5-year return | +157.8% | -53.1% |
| Volatility (ann.) | 26.3% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -22.6% | -36.4% |
| Market cap | $10.8B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.77% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BPOP | VXZ |
|---|---|---|
| 2022 | -16.8% | +0.5% |
| 2023 | +28.3% | -44.0% |
| 2024 | +17.9% | -12.7% |
| 2025 | +36.0% | +5.7% |
| 2026 | +37.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BPOP and VXZ good diversifiers for each other?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BPOP and VXZ?
As of 2026-08-27, the correlation of weekly returns between BPOP and VXZ is -0.52 over 3 years, -0.30 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for BPOP?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.52 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/bpop-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bpop-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BPOP correlations · VXZ correlations
