MUA vs VXZ: Correlation
Blackrock MuniAssets Fund, Inc (MUA) 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 -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUA and VXZ?
Over the past 3 years, MUA and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.47 lands near the 3-year figure. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -153.5 %².
Among the 12 assets we track against MUA, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: MUA led by 16.4 percentage points, +0.3% for MUA against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 1.7 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 VXZ: side by side
| MUA (Blackrock MuniAssets Fund, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.3% | -16.1% |
| 5-year return | -17.1% | -53.1% |
| Volatility (ann.) | 14.9% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -20.0% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 32.2 | – |
| Dividend yield | 6.67% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUA | VXZ |
|---|---|---|
| 2022 | -22.4% | +0.5% |
| 2023 | +3.0% | -44.0% |
| 2024 | +10.5% | -12.7% |
| 2025 | +3.3% | +5.7% |
| 2026 | -3.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between MUA and VXZ?
The MUA/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.47, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MUA?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mua-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MUA correlations · VXZ correlations
