MUC vs VXX: Correlation
Blackrock MuniHoldings California Quality Fund, Inc. (MUC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUC and VXX?
On 3 years of weekly data the MUC/VXX correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.50) runs below the 3-year figure (-0.28). The 5-year figure is -0.25, and annualized covariance runs at -186.7 %².
Out of 15 assets tracked against MUC, VXX lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with MUC ahead by 60.6 points (+10.9% versus -49.7%). Note the risk asymmetry: VXX runs 5.6 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.
MUC vs VXX: side by side
| MUC (Blackrock MuniHoldings California Quality Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.9% | -49.7% |
| 5-year return | -13.2% | -95.6% |
| Volatility (ann.) | 10.9% | 60.9% |
| Beta vs S&P 500 | 0.25 | -3.31 |
| Max drawdown (3Y) | -10.7% | -83.3% |
| Market cap | $1.0B | – |
| P/E (trailing) | 46.3 | – |
| Dividend yield | 6.04% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUC | VXX |
|---|---|---|
| 2022 | -26.8% | -23.8% |
| 2023 | +7.9% | -72.5% |
| 2024 | +0.8% | -26.2% |
| 2025 | +6.0% | -42.2% |
| 2026 | +4.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUC and VXX good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MUC and VXX?
As of 2026-08-27, the correlation of weekly returns between MUC and VXX is -0.28 over 3 years, -0.50 over 1 year and -0.25 over 5 years.
Is VXX a good diversifier for MUC?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/muc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/muc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MUC correlations · VXX correlations
