EVN vs VXX: Correlation
How closely do Eaton Vance Municipal Income Trust (EVN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVN and VXX?
On 3 years of weekly data the EVN/VXX correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -272.0 %².
Among the 11 assets we track against EVN, VXX sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months EVN outperformed by 58.1 percentage points (+8.4% for EVN against -49.7% for VXX). Risk is not evenly split, since VXX carries 5.1 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.
EVN vs VXX: side by side
| EVN (Eaton Vance Municipal Income Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.4% | -49.7% |
| 5-year return | -2.5% | -95.6% |
| Volatility (ann.) | 12.0% | 60.9% |
| Beta vs S&P 500 | 0.36 | -3.31 |
| Max drawdown (3Y) | -10.4% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVN | VXX |
|---|---|---|
| 2022 | -25.0% | -23.8% |
| 2023 | +4.4% | -72.5% |
| 2024 | +8.9% | -26.2% |
| 2025 | +12.8% | -42.2% |
| 2026 | +3.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVN and VXX?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.28 over the last year and -0.32 over 5 years.
Is VXX a good diversifier for EVN?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 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/evn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EVN correlations · VXX correlations
