JOF vs VXZ: Correlation
Japan Smaller Capitalization Fund Inc (JOF) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOF and VXZ?
Over the past 3 years, JOF and VXZ moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.52 over 1 year against -0.46 over 3. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -220.4 %².
Out of 15 assets tracked against JOF, VXZ lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with JOF ahead by 49.1 points (+33.0% versus -16.1%).
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.
JOF vs VXZ: side by side
| JOF (Japan Smaller Capitalization Fund Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.0% | -16.1% |
| 5-year return | +81.0% | -53.1% |
| Volatility (ann.) | 18.6% | 25.6% |
| Beta vs S&P 500 | 0.74 | -1.31 |
| Max drawdown (3Y) | -17.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 2.5 | – |
| Dividend yield | 5.67% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JOF | VXZ |
|---|---|---|
| 2022 | -17.1% | +0.5% |
| 2023 | +21.4% | -44.0% |
| 2024 | +5.3% | -12.7% |
| 2025 | +52.1% | +5.7% |
| 2026 | +20.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.46, JOF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JOF and VXZ?
The JOF/VXZ correlation stands at -0.46 on a 3-year window (1 year: -0.52, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for JOF?
Yes. With a correlation of -0.46, JOF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
A reading of -0.46 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/jof-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jof-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JOF correlations · VXZ correlations
