NBH vs VXZ: Correlation
How closely do Neuberger Municipal Fund Inc. (NBH) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBH and VXZ?
Over the past 3 years, NBH and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -121.4 %².
Out of 17 assets tracked against NBH, VXZ lands near the bottom at #17. The last year tells two different stories: NBH led by 26.3 percentage points, +10.2% for NBH against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 2.2 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.
NBH vs VXZ: side by side
| NBH (Neuberger Municipal Fund Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -16.1% |
| 5-year return | -21.0% | -53.1% |
| Volatility (ann.) | 11.4% | 25.6% |
| Beta vs S&P 500 | 0.30 | -1.31 |
| Max drawdown (3Y) | -11.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 14.6 | – |
| Dividend yield | 6.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBH | VXZ |
|---|---|---|
| 2022 | -28.2% | +0.5% |
| 2023 | +4.0% | -44.0% |
| 2024 | +5.3% | -12.7% |
| 2025 | +4.2% | +5.7% |
| 2026 | +4.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBH and VXZ good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NBH and VXZ?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.42 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for NBH?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
A reading of -0.42 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/nbh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBH correlations · VXZ correlations
