MHD vs VXZ: Correlation
Blackrock MuniHoldings Fund, Inc. (MHD) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHD and VXZ?
Across a 3-year window, the weekly returns of MHD and VXZ correlate at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.43 lands near the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -100.6 %².
Among the 26 assets we track against MHD, VXZ sits near the bottom by co-movement, at rank #26. Their recent paths diverged sharply: over the last 12 months MHD outperformed by 26.3 percentage points (+10.2% for MHD against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 2.2 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.
MHD vs VXZ: side by side
| MHD (Blackrock MuniHoldings Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -16.1% |
| 5-year return | -12.7% | -53.1% |
| Volatility (ann.) | 11.7% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -13.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 37.0 | – |
| Dividend yield | 6.23% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHD | VXZ |
|---|---|---|
| 2022 | -23.7% | +0.5% |
| 2023 | +2.1% | -44.0% |
| 2024 | +3.4% | -12.7% |
| 2025 | +7.1% | +5.7% |
| 2026 | +1.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHD and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MHD and VXZ?
The MHD/VXZ correlation stands at -0.34 on a 3-year window (1 year: -0.43, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MHD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 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/mhd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mhd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MHD correlations · VXZ correlations
