EVV vs VXZ: Correlation
Eaton Vance Limited Duration Income Fund (EVV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVV and VXZ?
Across a 3-year window, the weekly returns of EVV and VXZ correlate at -0.53, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.58) sits close to the 3-year figure. Stretching to 5 years gives -0.47, with an annualized covariance of -139.0 %².
VXZ is close to the least connected end of EVV's tracked universe, ranking #23 of 23. The trailing year gives EVV the advantage: -3.5% versus -16.1%, a 12.6-point spread. One caveat on sizing: VXZ is 2.5 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.
EVV vs VXZ: side by side
| EVV (Eaton Vance Limited Duration Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.5% | -16.1% |
| 5-year return | +11.4% | -53.1% |
| Volatility (ann.) | 10.2% | 25.6% |
| Beta vs S&P 500 | 0.41 | -1.31 |
| Max drawdown (3Y) | -9.5% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 9.65% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVV | VXZ |
|---|---|---|
| 2022 | -19.9% | +0.5% |
| 2023 | +13.3% | -44.0% |
| 2024 | +12.2% | -12.7% |
| 2025 | +10.7% | +5.7% |
| 2026 | -2.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVV and VXZ?
As of 2026-08-27, the correlation of weekly returns between EVV and VXZ is -0.53 over 3 years, -0.58 over 1 year and -0.47 over 5 years.
Is VXZ a good diversifier for EVV?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
A reading of -0.53 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/evv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVV correlations · VXZ correlations
