VTOL vs VXZ: Correlation
How closely do Bristow Group, Inc. (VTOL) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VTOL and VXZ?
Over the past 3 years, VTOL and VXZ moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.45). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -441.2 %².
VXZ is close to the least connected end of VTOL's tracked universe, ranking #14 of 15. Their recent paths diverged sharply: over the last 12 months VTOL outperformed by 37.6 percentage points (+21.5% for VTOL against -16.1% for VXZ).
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.
VTOL vs VXZ: side by side
| VTOL (Bristow Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.5% | -16.1% |
| 5-year return | +49.4% | -53.1% |
| Volatility (ann.) | 38.0% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -35.3% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 0.55% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VTOL | VXZ |
|---|---|---|
| 2022 | -14.3% | +0.5% |
| 2023 | +4.2% | -44.0% |
| 2024 | +21.3% | -12.7% |
| 2025 | +6.8% | +5.7% |
| 2026 | +26.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VTOL and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VTOL and VXZ?
The VTOL/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.19, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VTOL?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
A reading of -0.45 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/vtol-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vtol-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VTOL correlations · VXZ correlations
