IQI vs VXX: Correlation
How closely do Invesco Quality Municipal Income Trust (IQI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and VXX?
Across a 3-year window, the weekly returns of IQI and VXX correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.32). Stretching to 5 years gives -0.31, with an annualized covariance of -232.1 %².
Out of 27 assets tracked against IQI, VXX lands near the bottom at #26. The last year tells two different stories: IQI led by 66.4 percentage points, +16.7% for IQI against -49.7% for VXX. Risk is not evenly split, since VXX carries 5.2 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.
IQI vs VXX: side by side
| IQI (Invesco Quality Municipal Income Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.7% | -49.7% |
| 5-year return | +1.1% | -95.6% |
| Volatility (ann.) | 11.8% | 60.9% |
| Beta vs S&P 500 | 0.31 | -3.31 |
| Max drawdown (3Y) | -11.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 7.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | VXX |
|---|---|---|
| 2022 | -26.9% | -23.8% |
| 2023 | +5.9% | -72.5% |
| 2024 | +10.5% | -26.2% |
| 2025 | +9.2% | -42.2% |
| 2026 | +7.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and VXX good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IQI and VXX?
As of 2026-08-27, the correlation of weekly returns between IQI and VXX is -0.32 over 3 years, -0.43 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for IQI?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 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/iqi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iqi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IQI correlations · VXX correlations
