AFB vs VXX: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and VXX?
Across a 3-year window, the weekly returns of AFB and VXX correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.30 over 3 years. Stretching to 5 years gives -0.31, with an annualized covariance of -226.2 %².
Among the 24 assets we track against AFB, VXX sits near the bottom by co-movement, at rank #22. Correlation aside, the last 12 months split them widely, with AFB ahead by 60.2 points (+10.5% versus -49.7%). Note the risk asymmetry: VXX runs 4.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AFB vs VXX: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.5% | -49.7% |
| 5-year return | -9.9% | -95.6% |
| Volatility (ann.) | 12.6% | 60.9% |
| Beta vs S&P 500 | 0.26 | -3.31 |
| Max drawdown (3Y) | -15.1% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | VXX |
|---|---|---|
| 2022 | -25.9% | -23.8% |
| 2023 | +7.5% | -72.5% |
| 2024 | +4.1% | -26.2% |
| 2025 | +4.4% | -42.2% |
| 2026 | +4.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and VXX good diversifiers for each other?
Yes. With a correlation of -0.30, AFB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AFB and VXX?
As of 2026-08-27, the correlation of weekly returns between AFB and VXX is -0.30 over 3 years, -0.42 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for AFB?
Yes. With a correlation of -0.30, AFB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AFB correlations · VXX correlations
