NCZ vs VXX: Correlation
Virtus Convertible & Income Fund II (NCZ) 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 -0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCZ and VXX?
Across a 3-year window, the weekly returns of NCZ and VXX correlate at -0.62, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.62 lands near the 3-year figure. Stretching to 5 years gives -0.57, with an annualized covariance of -708.5 %².
Out of 18 assets tracked against NCZ, VXX lands near the bottom at #18. The last year tells two different stories: NCZ led by 77.9 percentage points, +28.2% for NCZ against -49.7% for VXX. Risk is not evenly split, since VXX carries 3.2 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.
NCZ vs VXX: side by side
| NCZ (Virtus Convertible & Income Fund II) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.2% | -49.7% |
| 5-year return | +29.5% | -95.6% |
| Volatility (ann.) | 18.8% | 60.9% |
| Beta vs S&P 500 | 0.94 | -3.31 |
| Max drawdown (3Y) | -19.5% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 9.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCZ | VXX |
|---|---|---|
| 2022 | -35.8% | -23.8% |
| 2023 | +17.8% | -72.5% |
| 2024 | +18.4% | -26.2% |
| 2025 | +23.2% | -42.2% |
| 2026 | +21.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCZ and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.62 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCZ and VXX?
Using weekly returns as of 2026-08-27: -0.62 over 3 years, with -0.62 over the last year and -0.57 over 5 years.
Is VXX a good diversifier for NCZ?
By historical standards, yes. A correlation of -0.62 means the two rarely move for the same reasons.
What does a correlation of -0.62 mean?
On the −1 to +1 scale, -0.62 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/ncz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncz-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NCZ correlations · VXX correlations
