MUA vs VXX: Correlation
How closely do Blackrock MuniAssets Fund, Inc (MUA) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUA and VXX?
Across a 3-year window, the weekly returns of MUA and VXX correlate at -0.37, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.37 over 3. Stretching to 5 years gives -0.28, with an annualized covariance of -335.7 %².
Out of 12 assets tracked against MUA, VXX lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with MUA ahead by 50.0 points (+0.3% versus -49.7%). Note the risk asymmetry: VXX runs 4.1 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.
MUA vs VXX: side by side
| MUA (Blackrock MuniAssets Fund, Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.3% | -49.7% |
| 5-year return | -17.1% | -95.6% |
| Volatility (ann.) | 14.9% | 60.9% |
| Beta vs S&P 500 | 0.36 | -3.31 |
| Max drawdown (3Y) | -20.0% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 32.2 | – |
| Dividend yield | 6.67% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUA | VXX |
|---|---|---|
| 2022 | -22.4% | -23.8% |
| 2023 | +3.0% | -72.5% |
| 2024 | +10.5% | -26.2% |
| 2025 | +3.3% | -42.2% |
| 2026 | -3.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUA and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between MUA and VXX?
The MUA/VXX correlation stands at -0.37 on a 3-year window (1 year: -0.43, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MUA?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 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/mua-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mua-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MUA correlations · VXX correlations
