JGH vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen Global High Income Fund (JGH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.59, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JGH and VXZ?
Across a 3-year window, the weekly returns of JGH and VXZ correlate at -0.59, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.65) sits close to the 3-year figure. Stretching to 5 years gives -0.56, with an annualized covariance of -189.7 %².
Among the 14 assets we track against JGH, VXZ sits near the bottom by co-movement, at rank #13. The last year tells two different stories: JGH led by 17.4 percentage points, +1.3% for JGH against -16.1% for VXZ. One caveat on sizing: VXZ is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
JGH vs VXZ: side by side
| JGH (Nuveen Global High Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.3% | -16.1% |
| 5-year return | +26.7% | -53.1% |
| Volatility (ann.) | 12.7% | 25.6% |
| Beta vs S&P 500 | 0.51 | -1.31 |
| Max drawdown (3Y) | -13.7% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JGH | VXZ |
|---|---|---|
| 2022 | -21.0% | +0.5% |
| 2023 | +20.9% | -44.0% |
| 2024 | +16.0% | -12.7% |
| 2025 | +8.2% | +5.7% |
| 2026 | +5.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JGH and VXZ good diversifiers for each other?
Yes. With a correlation of -0.59, JGH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JGH and VXZ?
The JGH/VXZ correlation stands at -0.59 on a 3-year window (1 year: -0.65, 5 years: -0.56), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for JGH?
Yes. With a correlation of -0.59, JGH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.59 mean?
A reading of -0.59 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/jgh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jgh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JGH correlations · VXZ correlations
