NEA vs VXX: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Quality Municipal Income Fund (NEA) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and VXX?
On 3 years of weekly data the NEA/VXX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.32). The 5-year figure is -0.28, and annualized covariance runs at -212.6 %².
Among the 36 assets we track against NEA, VXX sits near the bottom by co-movement, at rank #35. Their recent paths diverged sharply: over the last 12 months NEA outperformed by 60.1 percentage points (+10.4% for NEA against -49.7% for VXX). Note the risk asymmetry: VXX runs 5.6 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.
NEA vs VXX: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.4% | -49.7% |
| 5-year return | -4.4% | -95.6% |
| Volatility (ann.) | 10.9% | 60.9% |
| Beta vs S&P 500 | 0.28 | -3.31 |
| Max drawdown (3Y) | -11.3% | -83.3% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 7.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | VXX |
|---|---|---|
| 2022 | -23.3% | -23.8% |
| 2023 | +0.8% | -72.5% |
| 2024 | +9.5% | -26.2% |
| 2025 | +11.3% | -42.2% |
| 2026 | +1.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and VXX good diversifiers for each other?
Yes. With a correlation of -0.32, NEA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NEA and VXX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.43 over the last year and -0.28 over 5 years.
Is VXX a good diversifier for NEA?
Yes. With a correlation of -0.32, NEA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/nea-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nea-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NEA correlations · VXX correlations
