JLS vs VXZ: Correlation
Nuveen Mortgage and Income Fund (JLS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JLS and VXZ?
On 3 years of weekly data the JLS/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.35 over 3 years. The 5-year figure is -0.36, and annualized covariance runs at -91.5 %².
Among the 10 assets we track against JLS, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: JLS led by 15.7 percentage points, -0.4% for JLS against -16.1% for VXZ. One caveat on sizing: VXZ is 2.5 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.
JLS vs VXZ: side by side
| JLS (Nuveen Mortgage and Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.4% | -16.1% |
| 5-year return | +25.5% | -53.1% |
| Volatility (ann.) | 10.1% | 25.6% |
| Beta vs S&P 500 | 0.31 | -1.31 |
| Max drawdown (3Y) | -9.3% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JLS | VXZ |
|---|---|---|
| 2022 | -17.9% | +0.5% |
| 2023 | +14.9% | -44.0% |
| 2024 | +17.9% | -12.7% |
| 2025 | +11.6% | +5.7% |
| 2026 | -0.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JLS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, JLS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JLS and VXZ?
The JLS/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.19, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for JLS?
Yes. With a correlation of -0.35, JLS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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/jls-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jls-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JLS correlations · VXZ correlations
