MQY vs VXZ: Correlation
Measured on weekly returns over the past three years, Blackrock MuniYield Quality Fund, Inc. (MQY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MQY and VXZ?
Over the past 3 years, MQY and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.45) than the 3-year average (-0.32). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -104.1 %².
Among the 27 assets we track against MQY, VXZ sits near the bottom by co-movement, at rank #27. Their recent paths diverged sharply: over the last 12 months MQY outperformed by 24.1 percentage points (+8.0% for MQY against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 2.0 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.
MQY vs VXZ: side by side
| MQY (Blackrock MuniYield Quality Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.0% | -16.1% |
| 5-year return | -13.1% | -53.1% |
| Volatility (ann.) | 12.8% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -17.0% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 35.8 | – |
| Dividend yield | 6.25% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MQY | VXZ |
|---|---|---|
| 2022 | -24.2% | +0.5% |
| 2023 | +10.2% | -44.0% |
| 2024 | -0.1% | -12.7% |
| 2025 | +4.3% | +5.7% |
| 2026 | +2.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MQY and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MQY and VXZ?
As of 2026-08-27, the correlation of weekly returns between MQY and VXZ is -0.32 over 3 years, -0.45 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for MQY?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mqy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mqy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MQY correlations · VXZ correlations
