MUJ vs VXX: Correlation
Measured on weekly returns over the past three years, Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUJ and VXX?
On 3 years of weekly data the MUJ/VXX correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -212.8 %².
Out of 13 assets tracked against MUJ, VXX lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months MUJ outperformed by 64.8 percentage points (+15.1% for MUJ against -49.7% for VXX). One caveat on sizing: VXX is 5.8 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.
MUJ vs VXX: side by side
| MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.1% | -49.7% |
| 5-year return | -1.3% | -95.6% |
| Volatility (ann.) | 10.5% | 60.9% |
| Beta vs S&P 500 | 0.31 | -3.31 |
| Max drawdown (3Y) | -9.8% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 26.9 | – |
| Dividend yield | 5.30% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUJ | VXX |
|---|---|---|
| 2022 | -26.3% | -23.8% |
| 2023 | +7.6% | -72.5% |
| 2024 | +2.3% | -26.2% |
| 2025 | +13.9% | -42.2% |
| 2026 | +5.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUJ and VXX good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MUJ and VXX?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.36 over the last year and -0.30 over 5 years.
Is VXX a good diversifier for MUJ?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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/muj-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/muj-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MUJ correlations · VXX correlations
