EHI vs VXZ: Correlation
Western Asset Global High Income Fund Inc (EHI) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EHI and VXZ?
Over the past 3 years, EHI and VXZ moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.58 versus -0.47 over 3 years. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -137.7 %².
VXZ is close to the least connected end of EHI's tracked universe, ranking #15 of 15. Their recent paths diverged sharply: over the last 12 months EHI outperformed by 15.5 percentage points (-0.6% for EHI against -16.1% for VXZ). One caveat on sizing: VXZ is 2.2 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.
EHI vs VXZ: side by side
| EHI (Western Asset Global High Income Fund Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.6% | -16.1% |
| 5-year return | -1.0% | -53.1% |
| Volatility (ann.) | 11.4% | 25.6% |
| Beta vs S&P 500 | 0.45 | -1.31 |
| Max drawdown (3Y) | -16.0% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.0 | – |
| Dividend yield | 14.66% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EHI | VXZ |
|---|---|---|
| 2022 | -25.2% | +0.5% |
| 2023 | +19.2% | -44.0% |
| 2024 | +4.2% | -12.7% |
| 2025 | +9.1% | +5.7% |
| 2026 | -2.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EHI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between EHI and VXZ?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.58 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for EHI?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 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/ehi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ehi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EHI correlations · VXZ correlations
