EVG vs VXX: Correlation
Eaton Vance Short Diversified Income Fund Eaton Vance Short (EVG) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVG and VXX?
Over the past 3 years, EVG and VXX moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.53) than the 3-year average (-0.35). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -180.6 %².
Among the 11 assets we track against EVG, VXX sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with EVG ahead by 52.0 points (+2.3% versus -49.7%). Risk is not evenly split, since VXX carries 7.2 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.
EVG vs VXX: side by side
| EVG (Eaton Vance Short Diversified Income Fund Eaton Vance Short) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.3% | -49.7% |
| 5-year return | +24.1% | -95.6% |
| Volatility (ann.) | 8.4% | 60.9% |
| Beta vs S&P 500 | 0.27 | -3.31 |
| Max drawdown (3Y) | -8.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 8.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVG | VXX |
|---|---|---|
| 2022 | -14.1% | -23.8% |
| 2023 | +11.9% | -72.5% |
| 2024 | +14.8% | -26.2% |
| 2025 | +8.4% | -42.2% |
| 2026 | +2.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVG and VXX good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EVG and VXX?
The EVG/VXX correlation stands at -0.35 on a 3-year window (1 year: -0.53, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for EVG?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/evg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EVG correlations · VXX correlations
