CEV vs VXZ: Correlation
How closely do Eaton Vance California Municipal Income Trust Shares of (CEV) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and VXZ?
Across a 3-year window, the weekly returns of CEV and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -81.4 %².
Out of 12 assets tracked against CEV, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with CEV ahead by 35.1 points (+19.0% versus -16.1%). Risk is not evenly split, since VXZ carries 2.3 times the volatility of the other side.
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.
CEV vs VXZ: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.0% | -16.1% |
| 5-year return | -1.8% | -53.1% |
| Volatility (ann.) | 10.9% | 25.6% |
| Beta vs S&P 500 | 0.23 | -1.31 |
| Max drawdown (3Y) | -12.4% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 5.54% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEV | VXZ |
|---|---|---|
| 2022 | -22.7% | +0.5% |
| 2023 | +8.2% | -44.0% |
| 2024 | +2.3% | -12.7% |
| 2025 | +6.2% | +5.7% |
| 2026 | +10.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between CEV and VXZ?
As of 2026-08-27, the correlation of weekly returns between CEV and VXZ is -0.29 over 3 years, -0.28 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for CEV?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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/cev-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cev-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEV correlations · VXZ correlations
