EXG vs VXZ: Correlation
How closely do Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) 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 -0.71, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXG and VXZ?
On 3 years of weekly data the EXG/VXZ correlation comes out at -0.71, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.75) sits close to the 3-year figure. The 5-year figure is -0.66, and annualized covariance runs at -272.7 %².
VXZ is close to the least connected end of EXG's tracked universe, ranking #31 of 32. Their recent paths diverged sharply: over the last 12 months EXG outperformed by 38.1 percentage points (+22.0% for EXG against -16.1% for VXZ). One caveat on sizing: VXZ is 1.7 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.
EXG vs VXZ: side by side
| EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.0% | -16.1% |
| 5-year return | +45.8% | -53.1% |
| Volatility (ann.) | 15.0% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -15.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXG | VXZ |
|---|---|---|
| 2022 | -22.2% | +0.5% |
| 2023 | +11.4% | -44.0% |
| 2024 | +16.1% | -12.7% |
| 2025 | +27.8% | +5.7% |
| 2026 | +10.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
FAQ
What is the correlation between EXG and VXZ?
Using weekly returns as of 2026-08-27: -0.71 over 3 years, with -0.75 over the last year and -0.66 over 5 years.
Is VXZ a good diversifier for EXG?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
What does a correlation of -0.71 mean?
On the −1 to +1 scale, -0.71 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/exg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXG correlations · VXZ correlations
