ECF vs VXZ: Correlation
Ellsworth Growth and Income Fund Ltd. (ECF) 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 -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECF and VXZ?
Across a 3-year window, the weekly returns of ECF and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.34) than the 3-year average (-0.49). Stretching to 5 years gives -0.52, with an annualized covariance of -206.6 %².
Among the 19 assets we track against ECF, VXZ sits near the bottom by co-movement, at rank #17. The last year tells two different stories: ECF led by 39.0 percentage points, +22.9% for ECF against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 1.6 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.
ECF vs VXZ: side by side
| ECF (Ellsworth Growth and Income Fund Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.9% | -16.1% |
| 5-year return | +25.8% | -53.1% |
| Volatility (ann.) | 16.5% | 25.6% |
| Beta vs S&P 500 | 0.71 | -1.31 |
| Max drawdown (3Y) | -16.8% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 3.9 | – |
| Dividend yield | 7.38% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECF | VXZ |
|---|---|---|
| 2022 | -31.6% | +0.5% |
| 2023 | +8.0% | -44.0% |
| 2024 | +27.5% | -12.7% |
| 2025 | +30.0% | +5.7% |
| 2026 | +10.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECF and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between ECF and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.34 over the last year and -0.52 over 5 years.
Is VXZ a good diversifier for ECF?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/ecf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ECF correlations · VXZ correlations
