BSY vs VXZ: Correlation
Measured on weekly returns over the past three years, Bentley Systems, Incorporated (BSY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSY and VXZ?
On 3 years of weekly data the BSY/VXZ correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -191.0 %².
Among the 13 assets we track against BSY, VXZ sits near the bottom by co-movement, at rank #12. The trailing year gives VXZ the advantage: -30.9% versus -16.1%, a 14.8-point spread.
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.
BSY vs VXZ: side by side
| BSY (Bentley Systems, Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.9% | -16.1% |
| 5-year return | -40.5% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 0.71 | -1.31 |
| Max drawdown (3Y) | -51.3% | -36.4% |
| Market cap | $11.4B | – |
| P/E (trailing) | 40.9 | – |
| Dividend yield | 0.76% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BSY | VXZ |
|---|---|---|
| 2022 | -23.3% | +0.5% |
| 2023 | +41.8% | -44.0% |
| 2024 | -10.1% | -12.7% |
| 2025 | -17.8% | +5.7% |
| 2026 | -1.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, BSY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BSY and VXZ?
The BSY/VXZ correlation stands at -0.25 on a 3-year window (1 year: -0.17, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BSY?
Yes. With a correlation of -0.25, BSY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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/bsy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bsy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BSY correlations · VXZ correlations
