ETB vs VXZ: Correlation
How closely do Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.65, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETB and VXZ?
Across a 3-year window, the weekly returns of ETB and VXZ correlate at -0.65, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.70) sits close to the 3-year figure. Stretching to 5 years gives -0.55, with an annualized covariance of -231.1 %².
Among the 20 assets we track against ETB, VXZ sits near the bottom by co-movement, at rank #18. Correlation aside, the last 12 months split them widely, with ETB ahead by 30.3 points (+14.2% versus -16.1%). Note the risk asymmetry: VXZ runs 1.8 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.
ETB vs VXZ: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -16.1% |
| 5-year return | +44.4% | -53.1% |
| Volatility (ann.) | 13.9% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -20.1% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 8.13% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETB | VXZ |
|---|---|---|
| 2022 | -16.6% | +0.5% |
| 2023 | +7.5% | -44.0% |
| 2024 | +26.2% | -12.7% |
| 2025 | +11.2% | +5.7% |
| 2026 | +8.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and VXZ good diversifiers for each other?
Yes: at -0.65, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ETB and VXZ?
As of 2026-08-27, the correlation of weekly returns between ETB and VXZ is -0.65 over 3 years, -0.70 over 1 year and -0.55 over 5 years.
Is VXZ a good diversifier for ETB?
Yes: at -0.65, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.65 mean?
On the −1 to +1 scale, -0.65 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETB correlations · VXZ correlations
