MUJ vs VXZ: Correlation
Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) 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 -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUJ and VXZ?
On 3 years of weekly data the MUJ/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -97.8 %².
Out of 13 assets tracked against MUJ, VXZ lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with MUJ ahead by 31.2 points (+15.1% versus -16.1%). One caveat on sizing: VXZ is 2.4 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 VXZ: side by side
| MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.1% | -16.1% |
| 5-year return | -1.3% | -53.1% |
| Volatility (ann.) | 10.5% | 25.6% |
| Beta vs S&P 500 | 0.31 | -1.31 |
| Max drawdown (3Y) | -9.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 26.9 | – |
| Dividend yield | 5.30% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUJ | VXZ |
|---|---|---|
| 2022 | -26.3% | +0.5% |
| 2023 | +7.6% | -44.0% |
| 2024 | +2.3% | -12.7% |
| 2025 | +13.9% | +5.7% |
| 2026 | +5.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUJ and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MUJ and VXZ?
As of 2026-08-27, the correlation of weekly returns between MUJ and VXZ is -0.37 over 3 years, -0.38 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for MUJ?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
A reading of -0.37 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/muj-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MUJ correlations · VXZ correlations
