JMM vs VXX: Correlation
Nuveen Multi-Market Income Fund (MA) (JMM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JMM and VXX?
Across a 3-year window, the weekly returns of JMM and VXX correlate at -0.37, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.49) runs below the 3-year figure (-0.37). Stretching to 5 years gives -0.30, with an annualized covariance of -222.4 %².
Among the 10 assets we track against JMM, VXX sits near the bottom by co-movement, at rank #10. The last year tells two different stories: JMM led by 46.8 percentage points, -2.9% for JMM against -49.7% for VXX. Risk is not evenly split, since VXX carries 6.2 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.
JMM vs VXX: side by side
| JMM (Nuveen Multi-Market Income Fund (MA)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.9% | -49.7% |
| 5-year return | +3.3% | -95.6% |
| Volatility (ann.) | 9.8% | 60.9% |
| Beta vs S&P 500 | 0.20 | -3.31 |
| Max drawdown (3Y) | -9.9% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 5.99% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JMM | VXX |
|---|---|---|
| 2022 | -18.0% | -23.8% |
| 2023 | +6.7% | -72.5% |
| 2024 | +8.2% | -26.2% |
| 2025 | +5.6% | -42.2% |
| 2026 | -0.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JMM and VXX good diversifiers for each other?
Yes. With a correlation of -0.37, JMM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JMM and VXX?
The JMM/VXX correlation stands at -0.37 on a 3-year window (1 year: -0.49, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for JMM?
Yes. With a correlation of -0.37, JMM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 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/jmm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jmm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JMM correlations · VXX correlations
