DHF vs VXZ: Correlation
BNY Mellon High Yield Strategies Fund (DHF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHF and VXZ?
On 3 years of weekly data the DHF/VXZ correlation comes out at -0.56, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.53 lands near the 3-year figure. The 5-year figure is -0.53, and annualized covariance runs at -164.9 %².
Among the 15 assets we track against DHF, VXZ sits near the bottom by co-movement, at rank #14. The last year tells two different stories: DHF led by 15.5 percentage points, -0.6% for DHF against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 2.2 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.
DHF vs VXZ: side by side
| DHF (BNY Mellon High Yield Strategies Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.6% | -16.1% |
| 5-year return | +7.9% | -53.1% |
| Volatility (ann.) | 11.4% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -11.8% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 8.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHF | VXZ |
|---|---|---|
| 2022 | -22.5% | +0.5% |
| 2023 | +15.0% | -44.0% |
| 2024 | +21.4% | -12.7% |
| 2025 | +5.9% | +5.7% |
| 2026 | -0.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHF and VXZ good diversifiers for each other?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DHF and VXZ?
As of 2026-08-27, the correlation of weekly returns between DHF and VXZ is -0.56 over 3 years, -0.53 over 1 year and -0.53 over 5 years.
Is VXZ a good diversifier for DHF?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.56 mean?
A reading of -0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dhf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dhf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHF correlations · VXZ correlations
