BWIN vs VXZ: Correlation
The Baldwin Insurance Group, Inc. (BWIN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWIN and VXZ?
Across a 3-year window, the weekly returns of BWIN and VXZ correlate at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.22 over 3 years. Stretching to 5 years gives -0.29, with an annualized covariance of -304.6 %².
Among the 11 assets we track against BWIN, VXZ sits near the bottom by co-movement, at rank #10. The trailing year gives BWIN the advantage: -6.0% versus -16.1%, a 10.1-point spread. Risk is not evenly split, since BWIN carries 2.1 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.
BWIN vs VXZ: side by side
| BWIN (The Baldwin Insurance Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.0% | -16.1% |
| 5-year return | -13.5% | -53.1% |
| Volatility (ann.) | 54.6% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -70.2% | -36.4% |
| Market cap | $2.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWIN | VXZ |
|---|---|---|
| 2022 | -30.4% | +0.5% |
| 2023 | -4.5% | -44.0% |
| 2024 | +61.4% | -12.7% |
| 2025 | -38.0% | +5.7% |
| 2026 | +25.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWIN and VXZ good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BWIN and VXZ?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.11 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for BWIN?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/bwin-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwin-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWIN correlations · VXZ correlations
