EIM vs VXZ: Correlation
Eaton Vance Municipal Bond Fund (EIM) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and VXZ?
Across a 3-year window, the weekly returns of EIM and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -87.7 %².
VXZ is close to the least connected end of EIM's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months EIM outperformed by 21.0 percentage points (+4.9% for EIM against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 2.4 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.
EIM vs VXZ: side by side
| EIM (Eaton Vance Municipal Bond Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.9% | -16.1% |
| 5-year return | -9.2% | -53.1% |
| Volatility (ann.) | 10.8% | 25.6% |
| Beta vs S&P 500 | 0.25 | -1.31 |
| Max drawdown (3Y) | -11.6% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 6.30% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIM | VXZ |
|---|---|---|
| 2022 | -19.8% | +0.5% |
| 2023 | +1.6% | -44.0% |
| 2024 | +8.2% | -12.7% |
| 2025 | -0.1% | +5.7% |
| 2026 | +3.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EIM and VXZ?
As of 2026-08-27, the correlation of weekly returns between EIM and VXZ is -0.32 over 3 years, -0.34 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for EIM?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/eim-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eim-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EIM correlations · VXZ correlations
