NIE vs VXX: Correlation
How closely do Virtus Equity & Convertible Income Fund (NIE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.71, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIE and VXX?
Over the past 3 years, NIE and VXX moved with a correlation of -0.71, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.63) sits close to the 3-year figure. Over 5 years the correlation is -0.63, and the annualized covariance of weekly returns is -646.0 %².
Among the 21 assets we track against NIE, VXX sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months NIE outperformed by 66.5 percentage points (+16.8% for NIE against -49.7% for VXX). Risk is not evenly split, since VXX carries 4.1 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.
NIE vs VXX: side by side
| NIE (Virtus Equity & Convertible Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.8% | -49.7% |
| 5-year return | +55.1% | -95.6% |
| Volatility (ann.) | 14.9% | 60.9% |
| Beta vs S&P 500 | 0.92 | -3.31 |
| Max drawdown (3Y) | -20.8% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIE | VXX |
|---|---|---|
| 2022 | -26.7% | -23.8% |
| 2023 | +26.7% | -72.5% |
| 2024 | +28.6% | -26.2% |
| 2025 | +12.2% | -42.2% |
| 2026 | +9.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIE and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
FAQ
What is the correlation between NIE and VXX?
Using weekly returns as of 2026-08-27: -0.71 over 3 years, with -0.63 over the last year and -0.63 over 5 years.
Is VXX a good diversifier for NIE?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
What does a correlation of -0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nie-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nie-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NIE correlations · VXX correlations
