NAN vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen New York Quality Municipal Income Fund (NAN) 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 NAN and VXZ?
Across a 3-year window, the weekly returns of NAN and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.30 over 3. Stretching to 5 years gives -0.33, with an annualized covariance of -77.9 %².
VXZ is close to the least connected end of NAN's tracked universe, ranking #15 of 15. The last year tells two different stories: NAN led by 24.3 percentage points, +8.2% for NAN against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 2.5 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.
NAN vs VXZ: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.2% | -16.1% |
| 5-year return | -2.8% | -53.1% |
| Volatility (ann.) | 10.3% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -11.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 7.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAN | VXZ |
|---|---|---|
| 2022 | -24.0% | +0.5% |
| 2023 | +8.2% | -44.0% |
| 2024 | +10.2% | -12.7% |
| 2025 | +6.6% | +5.7% |
| 2026 | +2.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, NAN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NAN and VXZ?
As of 2026-08-27, the correlation of weekly returns between NAN and VXZ is -0.30 over 3 years, -0.33 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for NAN?
Yes. With a correlation of -0.30, NAN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nan-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nan-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAN correlations · VXZ correlations
