BRZE vs VXZ: Correlation
Measured on weekly returns over the past three years, Braze, Inc. (BRZE) 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 BRZE and VXZ?
On 3 years of weekly data the BRZE/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.38). The 5-year figure is -0.43, and annualized covariance runs at -549.0 %².
VXZ is close to the least connected end of BRZE's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with BRZE ahead by 44.1 points (+28.0% versus -16.1%). One caveat on sizing: BRZE is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BRZE vs VXZ: side by side
| BRZE (Braze, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.0% | -16.1% |
| 5-year return | -63.5% | -53.1% |
| Volatility (ann.) | 56.3% | 25.6% |
| Beta vs S&P 500 | 1.29 | -1.31 |
| Max drawdown (3Y) | -73.6% | -36.4% |
| Market cap | $3.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BRZE | VXZ |
|---|---|---|
| 2022 | -64.6% | +0.5% |
| 2023 | +94.8% | -44.0% |
| 2024 | -21.2% | -12.7% |
| 2025 | -18.1% | +5.7% |
| 2026 | -0.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRZE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between BRZE and VXZ?
The BRZE/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.15, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BRZE?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/brze-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/brze-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BRZE correlations · VXZ correlations
