KBDC vs VXZ: Correlation
Measured on weekly returns over the past three years, Kayne Anderson BDC, Inc. (KBDC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KBDC and VXZ?
Over the past 3 years, KBDC and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.35 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -141.5 %².
Among the 13 assets we track against KBDC, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with KBDC ahead by 17.0 points (+0.9% versus -16.1%). Risk is not evenly split, since VXZ carries 1.6 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.
KBDC vs VXZ: side by side
| KBDC (Kayne Anderson BDC, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.9% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 15.7% | 25.6% |
| Beta vs S&P 500 | 0.39 | -1.31 |
| Max drawdown (3Y) | -19.6% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KBDC | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | – | -12.7% |
| 2025 | -2.4% | +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 KBDC and VXZ good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KBDC and VXZ?
As of 2026-08-27, the correlation of weekly returns between KBDC and VXZ is -0.35 over 3 years, -0.31 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for KBDC?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/kbdc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kbdc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KBDC correlations · VXZ correlations
