EVG vs VXZ: Correlation
How closely do Eaton Vance Short Diversified Income Fund Eaton Vance Short (EVG) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVG and VXZ?
Across a 3-year window, the weekly returns of EVG and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.48) than the 3-year average (-0.32). Stretching to 5 years gives -0.32, with an annualized covariance of -68.0 %².
Among the 11 assets we track against EVG, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: EVG led by 18.4 percentage points, +2.3% for EVG against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 3.0 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 VXZ: side by side
| EVG (Eaton Vance Short Diversified Income Fund Eaton Vance Short) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.3% | -16.1% |
| 5-year return | +24.1% | -53.1% |
| Volatility (ann.) | 8.4% | 25.6% |
| Beta vs S&P 500 | 0.27 | -1.31 |
| Max drawdown (3Y) | -8.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 8.42% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVG | VXZ |
|---|---|---|
| 2022 | -14.1% | +0.5% |
| 2023 | +11.9% | -44.0% |
| 2024 | +14.8% | -12.7% |
| 2025 | +8.4% | +5.7% |
| 2026 | +2.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVG and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.48 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for EVG?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVG correlations · VXZ correlations
