Blood Oxygen Level Dependent (BOLD) signals can be modulated by the baseline vascular and metabolic state. Understanding how baseline vascular physiology relates to dynamic neurovascular processes will lead to more accurate interpretations of BOLD Cerebrovascular Reactivity (CVR) measurements. We investigated the relationship between baseline Cerebral Blood Flow (bCBF) and BOLD-CVR, generally reporting positive correlations. Optimizing for vascular delays, and modelling with simple breathing task data, can improve CVR correlations with bCBF. Future work should investigate individual differences and include larger samples.