ECAT vs VXZ: Correlation
BlackRock ESG Capital Allocation Term Trust (ECAT) 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 -0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECAT and VXZ?
Across a 3-year window, the weekly returns of ECAT and VXZ correlate at -0.58, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.67 over 1 year against -0.58 over 3. Stretching to 5 years gives -0.60, with an annualized covariance of -226.7 %².
VXZ is close to the least connected end of ECAT's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with ECAT ahead by 30.8 points (+14.7% versus -16.1%). One caveat on sizing: VXZ is 1.7 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.
ECAT vs VXZ: side by side
| ECAT (BlackRock ESG Capital Allocation Term Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.7% | -16.1% |
| 5-year return | +56.8% | -53.1% |
| Volatility (ann.) | 15.2% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -15.8% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | 7.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECAT | VXZ |
|---|---|---|
| 2022 | -21.9% | +0.5% |
| 2023 | +32.4% | -44.0% |
| 2024 | +20.0% | -12.7% |
| 2025 | +16.6% | +5.7% |
| 2026 | +15.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECAT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.58, ECAT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ECAT and VXZ?
As of 2026-08-27, the correlation of weekly returns between ECAT and VXZ is -0.58 over 3 years, -0.67 over 1 year and -0.60 over 5 years.
Is VXZ a good diversifier for ECAT?
Yes. With a correlation of -0.58, ECAT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.58 mean?
On the −1 to +1 scale, -0.58 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/ecat-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecat-vs-vxz/)
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Related comparisons
Hubs: ECAT correlations · VXZ correlations
