HYT vs VXZ: Correlation
Blackrock Corporate High Yield Fund, Inc. (HYT) 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 -0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYT and VXZ?
Across a 3-year window, the weekly returns of HYT and VXZ correlate at -0.52, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.56 over 1 year against -0.52 over 3. Stretching to 5 years gives -0.53, with an annualized covariance of -153.9 %².
Out of 17 assets tracked against HYT, VXZ lands near the bottom at #16. Over the last 12 months HYT came out ahead by 14.5 percentage points (-1.6% against -16.1%). Risk is not evenly split, since VXZ carries 2.2 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.
HYT vs VXZ: side by side
| HYT (Blackrock Corporate High Yield Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.6% | -16.1% |
| 5-year return | +7.9% | -53.1% |
| Volatility (ann.) | 11.6% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -14.0% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 9.1 | – |
| Dividend yield | 11.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HYT | VXZ |
|---|---|---|
| 2022 | -22.6% | +0.5% |
| 2023 | +19.9% | -44.0% |
| 2024 | +14.4% | -12.7% |
| 2025 | +0.0% | +5.7% |
| 2026 | +0.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.52, HYT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HYT and VXZ?
The HYT/VXZ correlation stands at -0.52 on a 3-year window (1 year: -0.56, 5 years: -0.53), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HYT?
Yes. With a correlation of -0.52, HYT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.52 mean?
On the −1 to +1 scale, -0.52 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/hyt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hyt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HYT correlations · VXZ correlations
