BWB vs VXZ: Correlation
How closely do Bridgewater Bancshares, Inc. (BWB) 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 -0.55, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWB and VXZ?
On 3 years of weekly data the BWB/VXZ correlation comes out at -0.55, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.42 versus -0.55 over 3 years. The 5-year figure is -0.46, and annualized covariance runs at -429.4 %².
VXZ is close to the least connected end of BWB's tracked universe, ranking #13 of 13. Their recent paths diverged sharply: over the last 12 months BWB outperformed by 45.7 percentage points (+29.6% for BWB 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.
BWB vs VXZ: side by side
| BWB (Bridgewater Bancshares, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.6% | -16.1% |
| 5-year return | +31.0% | -53.1% |
| Volatility (ann.) | 30.6% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -22.2% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWB | VXZ |
|---|---|---|
| 2022 | +0.3% | +0.5% |
| 2023 | -23.8% | -44.0% |
| 2024 | -0.1% | -12.7% |
| 2025 | +29.8% | +5.7% |
| 2026 | +21.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
FAQ
What is the correlation between BWB and VXZ?
The BWB/VXZ correlation stands at -0.55 on a 3-year window (1 year: -0.42, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BWB?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
What does a correlation of -0.55 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/bwb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWB correlations · VXZ correlations
