BXMT vs VXZ: Correlation
Measured on weekly returns over the past three years, Blackstone Mortgage Trust, Inc. (BXMT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXMT and VXZ?
Across a 3-year window, the weekly returns of BXMT and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.40 over 3 years. Stretching to 5 years gives -0.48, with an annualized covariance of -261.6 %².
VXZ is close to the least connected end of BXMT's tracked universe, ranking #12 of 12. Over the last 12 months VXZ came out ahead by 5.2 percentage points (-21.3% against -16.1%).
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.
BXMT vs VXZ: side by side
| BXMT (Blackstone Mortgage Trust, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -21.3% | -16.1% |
| 5-year return | -28.8% | -53.1% |
| Volatility (ann.) | 25.8% | 25.6% |
| Beta vs S&P 500 | 0.63 | -1.31 |
| Max drawdown (3Y) | -29.8% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | 172.6 | – |
| Dividend yield | 13.51% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXMT | VXZ |
|---|---|---|
| 2022 | -24.0% | +0.5% |
| 2023 | +13.5% | -44.0% |
| 2024 | -7.9% | -12.7% |
| 2025 | +21.1% | +5.7% |
| 2026 | -24.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXMT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, BXMT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BXMT and VXZ?
The BXMT/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.14, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BXMT?
Yes. With a correlation of -0.40, BXMT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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/bxmt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bxmt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BXMT correlations · VXZ correlations
