BWMN vs VXZ: Correlation
Measured on weekly returns over the past three years, Bowman Consulting Group Ltd. (BWMN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWMN and VXZ?
On 3 years of weekly data the BWMN/VXZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.23 over 3. The 5-year figure is -0.22, and annualized covariance runs at -340.3 %².
VXZ is close to the least connected end of BWMN's tracked universe, ranking #15 of 17. Their recent paths diverged sharply: over the last 12 months BWMN outperformed by 17.6 percentage points (+1.5% for BWMN against -16.1% for VXZ). One caveat on sizing: BWMN is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BWMN vs VXZ: side by side
| BWMN (Bowman Consulting Group Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.5% | -16.1% |
| 5-year return | +220.2% | -53.1% |
| Volatility (ann.) | 56.7% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -56.2% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 101.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWMN | VXZ |
|---|---|---|
| 2022 | +2.8% | +0.5% |
| 2023 | +62.6% | -44.0% |
| 2024 | -29.8% | -12.7% |
| 2025 | +32.3% | +5.7% |
| 2026 | +28.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWMN and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BWMN and VXZ?
The BWMN/VXZ correlation stands at -0.23 on a 3-year window (1 year: -0.20, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BWMN?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 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/bwmn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwmn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWMN correlations · VXZ correlations
