ETO vs VXZ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.70, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and VXZ?
Across a 3-year window, the weekly returns of ETO and VXZ correlate at -0.70, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.73 lands near the 3-year figure. Stretching to 5 years gives -0.62, with an annualized covariance of -297.5 %².
VXZ is close to the least connected end of ETO's tracked universe, ranking #37 of 38. The last year tells two different stories: ETO led by 40.5 percentage points, +24.4% for ETO against -16.1% for VXZ. 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.
ETO vs VXZ: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.4% | -16.1% |
| 5-year return | +43.6% | -53.1% |
| Volatility (ann.) | 16.6% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -18.2% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | VXZ |
|---|---|---|
| 2022 | -30.0% | +0.5% |
| 2023 | +21.5% | -44.0% |
| 2024 | +15.5% | -12.7% |
| 2025 | +29.9% | +5.7% |
| 2026 | +9.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.70 means the two rarely move for the same reasons.
FAQ
What is the correlation between ETO and VXZ?
Using weekly returns as of 2026-08-27: -0.70 over 3 years, with -0.73 over the last year and -0.62 over 5 years.
Is VXZ a good diversifier for ETO?
By historical standards, yes. A correlation of -0.70 means the two rarely move for the same reasons.
What does a correlation of -0.70 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/eto-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eto-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETO correlations · VXZ correlations
