EOS vs VXZ: Correlation
Eaton Vance Enhance Equity Income Fund II (EOS) 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 -0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOS and VXZ?
Over the past 3 years, EOS and VXZ moved with a correlation of -0.63, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.56) sits close to the 3-year figure. Over 5 years the correlation is -0.62, and the annualized covariance of weekly returns is -310.3 %².
Among the 34 assets we track against EOS, VXZ sits near the bottom by co-movement, at rank #32. The trailing year gives EOS the advantage: -1.9% versus -16.1%, a 14.2-point spread.
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.
EOS vs VXZ: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.9% | -16.1% |
| 5-year return | +30.9% | -53.1% |
| Volatility (ann.) | 19.2% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -24.3% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 7.2 | – |
| Dividend yield | 8.51% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOS | VXZ |
|---|---|---|
| 2022 | -26.5% | +0.5% |
| 2023 | +22.6% | -44.0% |
| 2024 | +38.7% | -12.7% |
| 2025 | +5.8% | +5.7% |
| 2026 | -2.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.63, EOS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EOS and VXZ?
Using weekly returns as of 2026-08-27: -0.63 over 3 years, with -0.56 over the last year and -0.62 over 5 years.
Is VXZ a good diversifier for EOS?
Yes. With a correlation of -0.63, EOS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.63 mean?
On the −1 to +1 scale, -0.63 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/eos-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eos-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOS correlations · VXZ correlations
