IGR vs VXZ: Correlation
How closely do CBRE Global Real Estate Income Fund (IGR) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGR and VXZ?
Over the past 3 years, IGR and VXZ moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.45 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -279.9 %².
VXZ is close to the least connected end of IGR's tracked universe, ranking #24 of 24. Their recent paths diverged sharply: over the last 12 months IGR outperformed by 23.9 percentage points (+7.8% for IGR against -16.1% for VXZ).
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.
IGR vs VXZ: side by side
| IGR (CBRE Global Real Estate Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.8% | -16.1% |
| 5-year return | -4.7% | -53.1% |
| Volatility (ann.) | 26.5% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -29.5% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 7.73% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IGR | VXZ |
|---|---|---|
| 2022 | -35.5% | +0.5% |
| 2023 | +8.6% | -44.0% |
| 2024 | +1.2% | -12.7% |
| 2025 | +5.2% | +5.7% |
| 2026 | +16.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between IGR and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.45 over the last year and -0.49 over 5 years.
Is VXZ a good diversifier for IGR?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/igr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/igr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IGR correlations · VXZ correlations
