HIX vs VXZ: Correlation
Measured on weekly returns over the past three years, Western Asset High Income Fund II Inc. (HIX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIX and VXZ?
Across a 3-year window, the weekly returns of HIX and VXZ correlate at -0.51, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.59 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -173.4 %².
Among the 11 assets we track against HIX, VXZ sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months HIX outperformed by 21.1 percentage points (+5.0% for HIX against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 1.9 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.
HIX vs VXZ: side by side
| HIX (Western Asset High Income Fund II Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.0% | -16.1% |
| 5-year return | -2.9% | -53.1% |
| Volatility (ann.) | 13.4% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -13.8% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 15.04% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIX | VXZ |
|---|---|---|
| 2022 | -24.6% | +0.5% |
| 2023 | +15.7% | -44.0% |
| 2024 | -3.1% | -12.7% |
| 2025 | +13.6% | +5.7% |
| 2026 | +3.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIX and VXZ good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HIX and VXZ?
The HIX/VXZ correlation stands at -0.51 on a 3-year window (1 year: -0.59, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HIX?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
A reading of -0.51 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/hix-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hix-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIX correlations · VXZ correlations
