NCA vs VXX: Correlation
Nuveen California Municipal Value Fund (NCA) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and VXX?
Over the past 3 years, NCA and VXX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -177.8 %².
VXX is close to the least connected end of NCA's tracked universe, ranking #9 of 10. Correlation aside, the last 12 months split them widely, with NCA ahead by 61.2 points (+11.5% versus -49.7%). One caveat on sizing: VXX is 5.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NCA vs VXX: side by side
| NCA (Nuveen California Municipal Value Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.5% | -49.7% |
| 5-year return | +2.8% | -95.6% |
| Volatility (ann.) | 12.3% | 60.9% |
| Beta vs S&P 500 | 0.30 | -3.31 |
| Max drawdown (3Y) | -10.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 3.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCA | VXX |
|---|---|---|
| 2022 | -13.5% | -23.8% |
| 2023 | +10.4% | -72.5% |
| 2024 | -1.9% | -26.2% |
| 2025 | +10.3% | -42.2% |
| 2026 | +4.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCA and VXX?
As of 2026-08-27, the correlation of weekly returns between NCA and VXX is -0.24 over 3 years, -0.31 over 1 year and -0.28 over 5 years.
Is VXX a good diversifier for NCA?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/nca-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nca-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NCA correlations · VXX correlations
