MYI vs VXZ: Correlation
How closely do Blackrock MuniYield Quality Fund III, Inc (MYI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MYI and VXZ?
Across a 3-year window, the weekly returns of MYI and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.38 over 3. Stretching to 5 years gives -0.34, with an annualized covariance of -114.5 %².
VXZ is close to the least connected end of MYI's tracked universe, ranking #15 of 15. Their recent paths diverged sharply: over the last 12 months MYI outperformed by 24.8 percentage points (+8.7% for MYI against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 2.2 times the volatility of the other side.
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.
MYI vs VXZ: side by side
| MYI (Blackrock MuniYield Quality Fund III, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.7% | -16.1% |
| 5-year return | -5.8% | -53.1% |
| Volatility (ann.) | 11.8% | 25.6% |
| Beta vs S&P 500 | 0.30 | -1.31 |
| Max drawdown (3Y) | -11.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 28.3 | – |
| Dividend yield | 6.20% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MYI | VXZ |
|---|---|---|
| 2022 | -20.5% | +0.5% |
| 2023 | +8.8% | -44.0% |
| 2024 | +0.6% | -12.7% |
| 2025 | +4.8% | +5.7% |
| 2026 | +3.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MYI and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MYI and VXZ?
As of 2026-08-27, the correlation of weekly returns between MYI and VXZ is -0.38 over 3 years, -0.44 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for MYI?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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/myi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/myi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MYI correlations · VXZ correlations
