ETG vs VXZ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.71, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETG and VXZ?
Across a 3-year window, the weekly returns of ETG and VXZ correlate at -0.71, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.71 lands near the 3-year figure. Stretching to 5 years gives -0.65, with an annualized covariance of -306.9 %².
Among the 27 assets we track against ETG, VXZ sits near the bottom by co-movement, at rank #25. Correlation aside, the last 12 months split them widely, with ETG ahead by 41.3 points (+25.2% versus -16.1%). One caveat on sizing: VXZ is 1.5 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.
ETG vs VXZ: side by side
| ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.2% | -16.1% |
| 5-year return | +60.6% | -53.1% |
| Volatility (ann.) | 16.9% | 25.6% |
| Beta vs S&P 500 | 1.04 | -1.31 |
| Max drawdown (3Y) | -17.0% | -36.4% |
| Market cap | $1.9B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.41% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETG | VXZ |
|---|---|---|
| 2022 | -27.6% | +0.5% |
| 2023 | +22.0% | -44.0% |
| 2024 | +15.4% | -12.7% |
| 2025 | +36.9% | +5.7% |
| 2026 | +9.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.71, ETG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ETG and VXZ?
As of 2026-08-27, the correlation of weekly returns between ETG and VXZ is -0.71 over 3 years, -0.71 over 1 year and -0.65 over 5 years.
Is VXZ a good diversifier for ETG?
Yes. With a correlation of -0.71, ETG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.71 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/etg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETG correlations · VXZ correlations
