BTX vs VXZ: Correlation
How closely do BlackRock Technology and Private Equity Term Trust (BTX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTX and VXZ?
Across a 3-year window, the weekly returns of BTX and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. Stretching to 5 years gives -0.51, with an annualized covariance of -305.0 %².
Out of 20 assets tracked against BTX, VXZ lands near the bottom at #18. Their recent paths diverged sharply: over the last 12 months BTX outperformed by 55.6 percentage points (+39.5% for BTX 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.
BTX vs VXZ: side by side
| BTX (BlackRock Technology and Private Equity Term Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +39.5% | -16.1% |
| 5-year return | -21.7% | -53.1% |
| Volatility (ann.) | 24.4% | 25.6% |
| Beta vs S&P 500 | 1.23 | -1.31 |
| Max drawdown (3Y) | -31.7% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 23.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTX | VXZ |
|---|---|---|
| 2022 | -47.8% | +0.5% |
| 2023 | +19.3% | -44.0% |
| 2024 | +13.4% | -12.7% |
| 2025 | +0.9% | +5.7% |
| 2026 | +45.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, BTX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BTX and VXZ?
As of 2026-08-27, the correlation of weekly returns between BTX and VXZ is -0.49 over 3 years, -0.39 over 1 year and -0.51 over 5 years.
Is VXZ a good diversifier for BTX?
Yes. With a correlation of -0.49, BTX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 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/btx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTX correlations · VXZ correlations
