BY vs VXZ: Correlation
How closely do Byline Bancorp, Inc. (BY) 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 BY and VXZ?
On 3 years of weekly data the BY/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 -0.40 versus -0.55 over 3 years. The 5-year figure is -0.52, and annualized covariance runs at -379.2 %².
Out of 70 assets tracked against BY, VXZ lands near the bottom at #70. Correlation aside, the last 12 months split them widely, with BY ahead by 48.6 points (+32.5% versus -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.
BY vs VXZ: side by side
| BY (Byline Bancorp, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.5% | -16.1% |
| 5-year return | +66.2% | -53.1% |
| Volatility (ann.) | 26.8% | 25.6% |
| Beta vs S&P 500 | 0.80 | -1.31 |
| Max drawdown (3Y) | -27.2% | -36.4% |
| Market cap | $1.7B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.15% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | VXZ |
|---|---|---|
| 2022 | -14.7% | +0.5% |
| 2023 | +4.3% | -44.0% |
| 2024 | +25.0% | -12.7% |
| 2025 | +2.0% | +5.7% |
| 2026 | +32.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and VXZ good diversifiers for each other?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BY and VXZ?
Using weekly returns as of 2026-08-27: -0.55 over 3 years, with -0.40 over the last year and -0.52 over 5 years.
Is VXZ a good diversifier for BY?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.55 mean?
On the −1 to +1 scale, -0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/by-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/by-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BY correlations · VXZ correlations
