BROS vs VXZ: Correlation
Measured on weekly returns over the past three years, Dutch Bros Inc. (BROS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BROS and VXZ?
Across a 3-year window, the weekly returns of BROS and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.38 over 3. Stretching to 5 years gives -0.38, with an annualized covariance of -559.6 %².
VXZ is close to the least connected end of BROS's tracked universe, ranking #9 of 10. On 12-month performance VXZ holds a 14.6-point edge, -30.7% against -16.1%. Note the risk asymmetry: BROS runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BROS vs VXZ: side by side
| BROS (Dutch Bros Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.7% | -16.1% |
| 5-year return | +38.2% | -53.1% |
| Volatility (ann.) | 57.0% | 25.6% |
| Beta vs S&P 500 | 1.67 | -1.31 |
| Max drawdown (3Y) | -45.3% | -36.4% |
| Market cap | $8.9B | – |
| P/E (trailing) | 70.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BROS | VXZ |
|---|---|---|
| 2022 | -44.6% | +0.5% |
| 2023 | +12.3% | -44.0% |
| 2024 | +65.4% | -12.7% |
| 2025 | +16.9% | +5.7% |
| 2026 | -17.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BROS and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BROS and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.38 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for BROS?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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/bros-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bros-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BROS correlations · VXZ correlations
