BTT vs VXZ: Correlation
How closely do BlackRock Municipal 2030 Target Term Trust (BTT) 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 BTT and VXZ?
Across a 3-year window, the weekly returns of BTT and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. Stretching to 5 years gives -0.32, with an annualized covariance of -55.9 %².
Among the 13 assets we track against BTT, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with BTT ahead by 20.0 points (+3.9% versus -16.1%). One caveat on sizing: VXZ is 3.9 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.
BTT vs VXZ: side by side
| BTT (BlackRock Municipal 2030 Target Term Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.9% | -16.1% |
| 5-year return | -1.1% | -53.1% |
| Volatility (ann.) | 6.6% | 25.6% |
| Beta vs S&P 500 | 0.17 | -1.31 |
| Max drawdown (3Y) | -6.5% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.46% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTT | VXZ |
|---|---|---|
| 2022 | -15.2% | +0.5% |
| 2023 | +0.7% | -44.0% |
| 2024 | +1.6% | -12.7% |
| 2025 | +13.7% | +5.7% |
| 2026 | +0.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTT and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BTT and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.40 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for BTT?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
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/btt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTT correlations · VXZ correlations
