EDF vs VXZ: Correlation
How closely do Virtus Stone Harbor Emerging Markets Income Fund (EDF) 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 -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDF and VXZ?
Across a 3-year window, the weekly returns of EDF and VXZ correlate at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.42, with an annualized covariance of -198.2 %².
VXZ is close to the least connected end of EDF's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months EDF outperformed by 31.5 percentage points (+15.4% for EDF against -16.1% for VXZ).
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.
EDF vs VXZ: side by side
| EDF (Virtus Stone Harbor Emerging Markets Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.4% | -16.1% |
| 5-year return | +26.6% | -53.1% |
| Volatility (ann.) | 20.9% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -23.4% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDF | VXZ |
|---|---|---|
| 2022 | -28.0% | +0.5% |
| 2023 | +21.6% | -44.0% |
| 2024 | +25.5% | -12.7% |
| 2025 | +22.2% | +5.7% |
| 2026 | +14.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, EDF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EDF and VXZ?
The EDF/VXZ correlation stands at -0.37 on a 3-year window (1 year: -0.34, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EDF?
Yes. With a correlation of -0.37, EDF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/edf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/edf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EDF correlations · VXZ correlations
