BRO vs VXZ: Correlation
Measured on weekly returns over the past three years, Brown & Brown (BRO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRO and VXZ?
Over the past 3 years, BRO and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -175.3 %².
VXZ is close to the least connected end of BRO's tracked universe, ranking #35 of 35. Over the last 12 months VXZ came out ahead by 8.9 percentage points (-25.0% against -16.1%).
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.
BRO vs VXZ: side by side
| BRO (Brown & Brown) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -25.0% | -16.1% |
| 5-year return | +27.5% | -53.1% |
| Volatility (ann.) | 24.4% | 25.6% |
| Beta vs S&P 500 | 0.39 | -1.31 |
| Max drawdown (3Y) | -55.8% | -36.4% |
| Market cap | $23.9B | – |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 0.89% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BRO | VXZ |
|---|---|---|
| 2022 | -18.4% | +0.5% |
| 2023 | +25.7% | -44.0% |
| 2024 | +44.3% | -12.7% |
| 2025 | -21.4% | +5.7% |
| 2026 | -9.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRO and VXZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BRO and VXZ?
The BRO/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.26, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BRO?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/bro-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bro-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BRO correlations · VXZ correlations
