NCA vs VXZ: Correlation
How closely do Nuveen California Municipal Value Fund (NCA) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and VXZ?
Over the past 3 years, NCA and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -75.1 %².
VXZ is close to the least connected end of NCA's tracked universe, ranking #10 of 10. The last year tells two different stories: NCA led by 27.6 percentage points, +11.5% for NCA against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 2.1 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.
NCA vs VXZ: side by side
| NCA (Nuveen California Municipal Value Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.5% | -16.1% |
| 5-year return | +2.8% | -53.1% |
| Volatility (ann.) | 12.3% | 25.6% |
| Beta vs S&P 500 | 0.30 | -1.31 |
| Max drawdown (3Y) | -10.6% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 3.83% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCA | VXZ |
|---|---|---|
| 2022 | -13.5% | +0.5% |
| 2023 | +10.4% | -44.0% |
| 2024 | -1.9% | -12.7% |
| 2025 | +10.3% | +5.7% |
| 2026 | +4.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NCA and VXZ?
The NCA/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.25, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NCA?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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/nca-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nca-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCA correlations · VXZ correlations
