JMM vs VXZ: Correlation
Nuveen Multi-Market Income Fund (MA) (JMM) 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 JMM and VXZ?
On 3 years of weekly data the JMM/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.52 versus -0.35 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -88.5 %².
Out of 10 assets tracked against JMM, VXZ lands near the bottom at #9. The trailing year gives JMM the advantage: -2.9% versus -16.1%, a 13.2-point spread. One caveat on sizing: VXZ is 2.6 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.
JMM vs VXZ: side by side
| JMM (Nuveen Multi-Market Income Fund (MA)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.9% | -16.1% |
| 5-year return | +3.3% | -53.1% |
| Volatility (ann.) | 9.8% | 25.6% |
| Beta vs S&P 500 | 0.20 | -1.31 |
| Max drawdown (3Y) | -9.9% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 5.99% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JMM | VXZ |
|---|---|---|
| 2022 | -18.0% | +0.5% |
| 2023 | +6.7% | -44.0% |
| 2024 | +8.2% | -12.7% |
| 2025 | +5.6% | +5.7% |
| 2026 | -0.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JMM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between JMM and VXZ?
The JMM/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.52, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for JMM?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jmm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JMM correlations · VXZ correlations
