DMB vs VXZ: Correlation
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and VXZ?
Over the past 3 years, DMB and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.33). Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -104.7 %².
Out of 21 assets tracked against DMB, VXZ lands near the bottom at #20. Their recent paths diverged sharply: over the last 12 months DMB outperformed by 27.1 percentage points (+11.0% for DMB against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 2.1 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.
DMB vs VXZ: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.0% | -16.1% |
| 5-year return | -15.7% | -53.1% |
| Volatility (ann.) | 12.4% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -14.7% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 4.32% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | VXZ |
|---|---|---|
| 2022 | -23.5% | +0.5% |
| 2023 | +2.4% | -44.0% |
| 2024 | +3.9% | -12.7% |
| 2025 | +10.7% | +5.7% |
| 2026 | -0.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, DMB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DMB and VXZ?
The DMB/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.48, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DMB?
Yes. With a correlation of -0.33, DMB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dmb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dmb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMB correlations · VXZ correlations
