AFB vs VXZ: Correlation
How closely do AllianceBernstein National Municipal Income Fund Inc (AFB) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and VXZ?
Over the past 3 years, AFB and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.33 over 3. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -106.6 %².
Among the 24 assets we track against AFB, VXZ sits near the bottom by co-movement, at rank #23. Their recent paths diverged sharply: over the last 12 months AFB outperformed by 26.6 percentage points (+10.5% for AFB against -16.1% for VXZ). One caveat on sizing: VXZ is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXZ: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.5% | -16.1% |
| 5-year return | -9.9% | -53.1% |
| Volatility (ann.) | 12.6% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -15.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | VXZ |
|---|---|---|
| 2022 | -25.9% | +0.5% |
| 2023 | +7.5% | -44.0% |
| 2024 | +4.1% | -12.7% |
| 2025 | +4.4% | +5.7% |
| 2026 | +4.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, AFB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AFB and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.43 over the last year and -0.34 over 5 years.
Is VXZ a good diversifier for AFB?
Yes. With a correlation of -0.33, AFB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFB correlations · VXZ correlations
