JRI vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen Real Asset Income and Growth Fund (JRI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.54, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRI and VXZ?
On 3 years of weekly data the JRI/VXZ correlation comes out at -0.54, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.63) sits close to the 3-year figure. The 5-year figure is -0.56, and annualized covariance runs at -235.7 %².
Among the 15 assets we track against JRI, VXZ sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with JRI ahead by 21.4 points (+5.3% versus -16.1%). Note the risk asymmetry: VXZ runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
JRI vs VXZ: side by side
| JRI (Nuveen Real Asset Income and Growth Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.3% | -16.1% |
| 5-year return | +31.7% | -53.1% |
| Volatility (ann.) | 17.0% | 25.6% |
| Beta vs S&P 500 | 0.64 | -1.31 |
| Max drawdown (3Y) | -13.7% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 7.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JRI | VXZ |
|---|---|---|
| 2022 | -20.8% | +0.5% |
| 2023 | +10.1% | -44.0% |
| 2024 | +16.3% | -12.7% |
| 2025 | +26.8% | +5.7% |
| 2026 | -0.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.54, JRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JRI and VXZ?
As of 2026-08-27, the correlation of weekly returns between JRI and VXZ is -0.54 over 3 years, -0.63 over 1 year and -0.56 over 5 years.
Is VXZ a good diversifier for JRI?
Yes. With a correlation of -0.54, JRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jri-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jri-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JRI correlations · VXZ correlations
