NEA vs VXZ: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and VXZ?
On 3 years of weekly data the NEA/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.36). The 5-year figure is -0.31, and annualized covariance runs at -100.7 %².
Among the 36 assets we track against NEA, VXZ sits near the bottom by co-movement, at rank #36. Correlation aside, the last 12 months split them widely, with NEA ahead by 26.5 points (+10.4% versus -16.1%). One caveat on sizing: VXZ is 2.3 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.
NEA vs VXZ: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.4% | -16.1% |
| 5-year return | -4.4% | -53.1% |
| Volatility (ann.) | 10.9% | 25.6% |
| Beta vs S&P 500 | 0.28 | -1.31 |
| Max drawdown (3Y) | -11.3% | -36.4% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 7.70% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | VXZ |
|---|---|---|
| 2022 | -23.3% | +0.5% |
| 2023 | +0.8% | -44.0% |
| 2024 | +9.5% | -12.7% |
| 2025 | +11.3% | +5.7% |
| 2026 | +1.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, NEA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NEA and VXZ?
As of 2026-08-27, the correlation of weekly returns between NEA and VXZ is -0.36 over 3 years, -0.46 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for NEA?
Yes. With a correlation of -0.36, NEA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/nea-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nea-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEA correlations · VXZ correlations
