ETJ vs VXX: Correlation
Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) 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 -0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETJ and VXX?
On 3 years of weekly data the ETJ/VXX correlation comes out at -0.62, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.67 over 1 year against -0.62 over 3. The 5-year figure is -0.53, and annualized covariance runs at -490.1 %².
Out of 15 assets tracked against ETJ, VXX lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months ETJ outperformed by 53.1 percentage points (+3.4% for ETJ against -49.7% for VXX). Risk is not evenly split, since VXX carries 4.7 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.
ETJ vs VXX: side by side
| ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.4% | -49.7% |
| 5-year return | +19.5% | -95.6% |
| Volatility (ann.) | 13.0% | 60.9% |
| Beta vs S&P 500 | 0.71 | -3.31 |
| Max drawdown (3Y) | -15.4% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETJ | VXX |
|---|---|---|
| 2022 | -22.7% | -23.8% |
| 2023 | +14.2% | -72.5% |
| 2024 | +29.5% | -26.2% |
| 2025 | +3.5% | -42.2% |
| 2026 | +2.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETJ and VXX good diversifiers for each other?
Yes. With a correlation of -0.62, ETJ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ETJ and VXX?
Using weekly returns as of 2026-08-27: -0.62 over 3 years, with -0.67 over the last year and -0.53 over 5 years.
Is VXX a good diversifier for ETJ?
Yes. With a correlation of -0.62, ETJ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.62 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/etj-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etj-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETJ correlations · VXX correlations
