BW vs VXZ: Correlation
How closely do Babcock & Wilcox Enterprises, Inc. (BW) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BW and VXZ?
On 3 years of weekly data the BW/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.21) than the 3-year average (-0.24). The 5-year figure is -0.23, and annualized covariance runs at -855.1 %².
VXZ is close to the least connected end of BW's tracked universe, ranking #8 of 10. Their recent paths diverged sharply: over the last 12 months BW outperformed by 333.5 percentage points (+317.4% for BW against -16.1% for VXZ). Risk is not evenly split, since BW carries 5.4 times the volatility of the other side.
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.
BW vs VXZ: side by side
| BW (Babcock & Wilcox Enterprises, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +317.4% | -16.1% |
| 5-year return | +5.9% | -53.1% |
| Volatility (ann.) | 137.1% | 25.6% |
| Beta vs S&P 500 | 3.26 | -1.31 |
| Max drawdown (3Y) | -95.2% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BW | VXZ |
|---|---|---|
| 2022 | -36.0% | +0.5% |
| 2023 | -74.7% | -44.0% |
| 2024 | +12.3% | -12.7% |
| 2025 | +286.6% | +5.7% |
| 2026 | +21.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between BW and VXZ?
The BW/VXZ correlation stands at -0.24 on a 3-year window (1 year: 0.21, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BW?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/bw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BW correlations · VXZ correlations
