NAD vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen Quality Municipal Income Fund (NAD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and VXZ?
Over the past 3 years, NAD and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.35 over 3. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -97.8 %².
Among the 26 assets we track against NAD, VXZ sits near the bottom by co-movement, at rank #26. Their recent paths diverged sharply: over the last 12 months NAD outperformed by 28.2 percentage points (+12.1% for NAD against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 2.3 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.
NAD vs VXZ: side by side
| NAD (Nuveen Quality Municipal Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.1% | -16.1% |
| 5-year return | -2.4% | -53.1% |
| Volatility (ann.) | 11.0% | 25.6% |
| Beta vs S&P 500 | 0.27 | -1.31 |
| Max drawdown (3Y) | -11.7% | -36.4% |
| Market cap | $2.7B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 7.38% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAD | VXZ |
|---|---|---|
| 2022 | -22.8% | +0.5% |
| 2023 | +1.3% | -44.0% |
| 2024 | +8.8% | -12.7% |
| 2025 | +11.4% | +5.7% |
| 2026 | +2.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, NAD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NAD and VXZ?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.41 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for NAD?
Yes. With a correlation of -0.35, NAD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nad-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nad-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAD correlations · VXZ correlations
