JFR vs VXZ: Correlation
How closely do Nuveen Floating Rate Income Fund (JFR) 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 -0.53, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JFR and VXZ?
On 3 years of weekly data the JFR/VXZ correlation comes out at -0.53, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.54 over 1 year against -0.53 over 3. The 5-year figure is -0.46, and annualized covariance runs at -132.7 %².
VXZ is close to the least connected end of JFR's tracked universe, ranking #13 of 13. Correlation aside, the last 12 months split them widely, with JFR ahead by 18.4 points (+2.3% versus -16.1%). Risk is not evenly split, since VXZ carries 2.6 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.
JFR vs VXZ: side by side
| JFR (Nuveen Floating Rate Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.3% | -16.1% |
| 5-year return | +31.7% | -53.1% |
| Volatility (ann.) | 9.7% | 25.6% |
| Beta vs S&P 500 | 0.35 | -1.31 |
| Max drawdown (3Y) | -15.3% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 22.4 | – |
| Dividend yield | 13.47% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JFR | VXZ |
|---|---|---|
| 2022 | -15.1% | +0.5% |
| 2023 | +16.7% | -44.0% |
| 2024 | +21.9% | -12.7% |
| 2025 | -0.7% | +5.7% |
| 2026 | +5.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JFR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.53, JFR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JFR and VXZ?
As of 2026-08-27, the correlation of weekly returns between JFR and VXZ is -0.53 over 3 years, -0.54 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for JFR?
Yes. With a correlation of -0.53, JFR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 mean?
A reading of -0.53 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/jfr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jfr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JFR correlations · VXZ correlations
