BVS vs VXZ: Correlation
How closely do Bioventus Inc. (BVS) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BVS and VXZ?
On 3 years of weekly data the BVS/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.31). The 5-year figure is -0.26, and annualized covariance runs at -414.2 %².
VXZ is close to the least connected end of BVS's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with BVS ahead by 100.2 points (+84.1% versus -16.1%). Note the risk asymmetry: BVS runs 2.1 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.
BVS vs VXZ: side by side
| BVS (Bioventus Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +84.1% | -16.1% |
| 5-year return | -6.2% | -53.1% |
| Volatility (ann.) | 52.7% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -55.2% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 17.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BVS | VXZ |
|---|---|---|
| 2022 | -82.0% | +0.5% |
| 2023 | +101.9% | -44.0% |
| 2024 | +99.2% | -12.7% |
| 2025 | -29.1% | +5.7% |
| 2026 | +85.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BVS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, BVS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BVS and VXZ?
The BVS/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.19, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BVS?
Yes. With a correlation of -0.31, BVS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bvs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bvs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BVS correlations · VXZ correlations
