LEO vs VXZ: Correlation
Measured on weekly returns over the past three years, BNY Mellon Strategic Municipals, Inc. (LEO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and VXZ?
On 3 years of weekly data the LEO/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.36). The 5-year figure is -0.32, and annualized covariance runs at -110.6 %².
Among the 21 assets we track against LEO, VXZ sits near the bottom by co-movement, at rank #21. Correlation aside, the last 12 months split them widely, with LEO ahead by 26.3 points (+10.2% versus -16.1%). One caveat on sizing: VXZ is 2.1 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.
LEO vs VXZ: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -16.1% |
| 5-year return | -18.0% | -53.1% |
| Volatility (ann.) | 12.2% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -13.1% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 4.41% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEO | VXZ |
|---|---|---|
| 2022 | -24.1% | +0.5% |
| 2023 | +0.1% | -44.0% |
| 2024 | +6.9% | -12.7% |
| 2025 | +9.9% | +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 LEO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between LEO and VXZ?
As of 2026-08-27, the correlation of weekly returns between LEO and VXZ is -0.36 over 3 years, -0.47 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for LEO?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/leo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/leo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LEO correlations · VXZ correlations
