EFT vs VXZ: Correlation
Eaton Vance Floating Rate Income Trust (EFT) 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 -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFT and VXZ?
On 3 years of weekly data the EFT/VXZ correlation comes out at -0.54, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.47 lands near the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -151.0 %².
VXZ is close to the least connected end of EFT's tracked universe, ranking #14 of 14. On 12-month performance EFT holds a 11.3-point edge, -4.8% against -16.1%. Note the risk asymmetry: VXZ runs 2.3 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.
EFT vs VXZ: side by side
| EFT (Eaton Vance Floating Rate Income Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.8% | -16.1% |
| 5-year return | +13.9% | -53.1% |
| Volatility (ann.) | 10.9% | 25.6% |
| Beta vs S&P 500 | 0.49 | -1.31 |
| Max drawdown (3Y) | -17.5% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 42.4 | – |
| Dividend yield | 9.41% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFT | VXZ |
|---|---|---|
| 2022 | -19.7% | +0.5% |
| 2023 | +27.1% | -44.0% |
| 2024 | +13.2% | -12.7% |
| 2025 | -3.8% | +5.7% |
| 2026 | -1.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFT and VXZ good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EFT and VXZ?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.47 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for EFT?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 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/eft-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eft-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFT correlations · VXZ correlations
