ETB vs VXX: Correlation
Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETB and VXX?
On 3 years of weekly data the ETB/VXX correlation comes out at -0.68, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.71) sits close to the 3-year figure. The 5-year figure is -0.55, and annualized covariance runs at -571.2 %².
VXX is close to the least connected end of ETB's tracked universe, ranking #19 of 20. Correlation aside, the last 12 months split them widely, with ETB ahead by 63.9 points (+14.2% versus -49.7%). Risk is not evenly split, since VXX carries 4.4 times the volatility of the other side.
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.
ETB vs VXX: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -49.7% |
| 5-year return | +44.4% | -95.6% |
| Volatility (ann.) | 13.9% | 60.9% |
| Beta vs S&P 500 | 0.83 | -3.31 |
| Max drawdown (3Y) | -20.1% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 8.13% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETB | VXX |
|---|---|---|
| 2022 | -16.6% | -23.8% |
| 2023 | +7.5% | -72.5% |
| 2024 | +26.2% | -26.2% |
| 2025 | +11.2% | -42.2% |
| 2026 | +8.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and VXX good diversifiers for each other?
Yes: at -0.68, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ETB and VXX?
Using weekly returns as of 2026-08-27: -0.68 over 3 years, with -0.71 over the last year and -0.55 over 5 years.
Is VXX a good diversifier for ETB?
Yes: at -0.68, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.68 mean?
On the −1 to +1 scale, -0.68 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/etb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETB correlations · VXX correlations
