NAC vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen California Quality Municipal Income Fund (NAC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and VXZ?
Across a 3-year window, the weekly returns of NAC and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.30 over 3 years. Stretching to 5 years gives -0.26, with an annualized covariance of -81.1 %².
Among the 15 assets we track against NAC, VXZ sits near the bottom by co-movement, at rank #14. The last year tells two different stories: NAC led by 28.9 percentage points, +12.8% for NAC against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 2.4 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.
NAC vs VXZ: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.8% | -16.1% |
| 5-year return | -0.8% | -53.1% |
| Volatility (ann.) | 10.5% | 25.6% |
| Beta vs S&P 500 | 0.21 | -1.31 |
| Max drawdown (3Y) | -9.6% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 7.63% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAC | VXZ |
|---|---|---|
| 2022 | -25.6% | +0.5% |
| 2023 | +4.5% | -44.0% |
| 2024 | +8.7% | -12.7% |
| 2025 | +13.1% | +5.7% |
| 2026 | +4.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NAC and VXZ?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.41 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for NAC?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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/nac-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nac-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAC correlations · VXZ correlations
