DNP vs VXZ: Correlation
How closely do DNP Select Income Fund, Inc. (DNP) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNP and VXZ?
Over the past 3 years, DNP and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.28 over 3 years. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -95.6 %².
VXZ is close to the least connected end of DNP's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with DNP ahead by 34.9 points (+18.8% versus -16.1%). Risk is not evenly split, since VXZ carries 1.9 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.
DNP vs VXZ: side by side
| DNP (DNP Select Income Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.8% | -16.1% |
| 5-year return | +47.1% | -53.1% |
| Volatility (ann.) | 13.3% | 25.6% |
| Beta vs S&P 500 | 0.28 | -1.31 |
| Max drawdown (3Y) | -16.2% | -36.4% |
| Market cap | $4.1B | – |
| P/E (trailing) | 5.9 | – |
| Dividend yield | 7.08% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNP | VXZ |
|---|---|---|
| 2022 | +11.0% | +0.5% |
| 2023 | -18.6% | -44.0% |
| 2024 | +13.4% | -12.7% |
| 2025 | +22.6% | +5.7% |
| 2026 | +14.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNP and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between DNP and VXZ?
As of 2026-08-27, the correlation of weekly returns between DNP and VXZ is -0.28 over 3 years, -0.17 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for DNP?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/dnp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dnp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DNP correlations · VXZ correlations
