BWFG vs VXZ: Correlation
How closely do Bankwell Financial Group, Inc. (BWFG) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWFG and VXZ?
Across a 3-year window, the weekly returns of BWFG and VXZ correlate at -0.46, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.41 lands near the 3-year figure. Stretching to 5 years gives -0.44, with an annualized covariance of -316.7 %².
VXZ is close to the least connected end of BWFG's tracked universe, ranking #13 of 13. The last year tells two different stories: BWFG led by 73.6 percentage points, +57.5% for BWFG 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.
BWFG vs VXZ: side by side
| BWFG (Bankwell Financial Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.5% | -16.1% |
| 5-year return | +149.4% | -53.1% |
| Volatility (ann.) | 26.8% | 25.6% |
| Beta vs S&P 500 | 0.73 | -1.31 |
| Max drawdown (3Y) | -24.7% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 1.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWFG | VXZ |
|---|---|---|
| 2022 | -8.2% | +0.5% |
| 2023 | +5.8% | -44.0% |
| 2024 | +6.4% | -12.7% |
| 2025 | +50.3% | +5.7% |
| 2026 | +46.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWFG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.46, BWFG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BWFG and VXZ?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.41 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for BWFG?
Yes. With a correlation of -0.46, BWFG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
A reading of -0.46 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/bwfg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwfg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWFG correlations · VXZ correlations
