MHD vs VXX: Correlation
Blackrock MuniHoldings Fund, Inc. (MHD) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and VXX?
Across a 3-year window, the weekly returns of MHD and VXX correlate at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.30 over 3. Stretching to 5 years gives -0.30, with an annualized covariance of -210.9 %².
VXX is close to the least connected end of MHD's tracked universe, ranking #24 of 26. Correlation aside, the last 12 months split them widely, with MHD ahead by 59.9 points (+10.2% versus -49.7%). Risk is not evenly split, since VXX carries 5.2 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.
MHD vs VXX: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -49.7% |
| 5-year return | -12.7% | -95.6% |
| Volatility (ann.) | 11.7% | 60.9% |
| Beta vs S&P 500 | 0.26 | -3.31 |
| Max drawdown (3Y) | -13.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 37.0 | – |
| Dividend yield | 6.23% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | VXX |
|---|---|---|
| 2022 | -23.7% | -23.8% |
| 2023 | +2.1% | -72.5% |
| 2024 | +3.4% | -26.2% |
| 2025 | +7.1% | -42.2% |
| 2026 | +1.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and VXX good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MHD and VXX?
As of 2026-08-27, the correlation of weekly returns between MHD and VXX is -0.30 over 3 years, -0.38 over 1 year and -0.30 over 5 years.
Is VXX a good diversifier for MHD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/mhd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mhd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MHD correlations · VXX correlations
