MIY vs VXZ: Correlation
Blackrock MuniYield Michigan Quality Fund, Inc. (MIY) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIY and VXZ?
On 3 years of weekly data the MIY/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.14 over 1 year against -0.24 over 3. The 5-year figure is -0.21, and annualized covariance runs at -68.0 %².
Out of 11 assets tracked against MIY, VXZ lands near the bottom at #11. The last year tells two different stories: MIY led by 36.3 percentage points, +20.2% for MIY against -16.1% for VXZ. One caveat on sizing: VXZ is 2.3 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.
MIY vs VXZ: side by side
| MIY (Blackrock MuniYield Michigan Quality Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.2% | -16.1% |
| 5-year return | +4.3% | -53.1% |
| Volatility (ann.) | 11.3% | 25.6% |
| Beta vs S&P 500 | 0.14 | -1.31 |
| Max drawdown (3Y) | -11.1% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 37.3 | – |
| Dividend yield | 5.21% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MIY | VXZ |
|---|---|---|
| 2022 | -24.1% | +0.5% |
| 2023 | +6.7% | -44.0% |
| 2024 | +3.5% | -12.7% |
| 2025 | +11.3% | +5.7% |
| 2026 | +11.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, MIY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MIY and VXZ?
The MIY/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.14, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MIY?
Yes. With a correlation of -0.24, MIY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/miy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/miy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MIY correlations · VXZ correlations
