IHD vs VXZ: Correlation
How closely do Voya Emerging Markets High Income Dividend Equity Fund (IHD) 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 IHD and VXZ?
On 3 years of weekly data the IHD/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.57) runs below the 3-year figure (-0.41). The 5-year figure is -0.46, and annualized covariance runs at -174.2 %².
VXZ is close to the least connected end of IHD's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months IHD outperformed by 58.3 percentage points (+42.2% for IHD against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 1.5 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.
IHD vs VXZ: side by side
| IHD (Voya Emerging Markets High Income Dividend Equity Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +42.2% | -16.1% |
| 5-year return | +78.4% | -53.1% |
| Volatility (ann.) | 16.6% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -14.3% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IHD | VXZ |
|---|---|---|
| 2022 | -17.2% | +0.5% |
| 2023 | +13.9% | -44.0% |
| 2024 | +6.7% | -12.7% |
| 2025 | +40.3% | +5.7% |
| 2026 | +29.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IHD 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 IHD and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.57 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for IHD?
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?
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/ihd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ihd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IHD correlations · VXZ correlations
