NIE vs VXZ: Correlation
How closely do Virtus Equity & Convertible Income Fund (NIE) 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 -0.68, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIE and VXZ?
On 3 years of weekly data the NIE/VXZ correlation comes out at -0.68, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.63 over 1 year against -0.68 over 3. The 5-year figure is -0.67, and annualized covariance runs at -258.0 %².
Out of 21 assets tracked against NIE, VXZ lands near the bottom at #19. Their recent paths diverged sharply: over the last 12 months NIE outperformed by 32.9 percentage points (+16.8% for NIE against -16.1% for VXZ). One caveat on sizing: VXZ is 1.7 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.
NIE vs VXZ: side by side
| NIE (Virtus Equity & Convertible Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.8% | -16.1% |
| 5-year return | +55.1% | -53.1% |
| Volatility (ann.) | 14.9% | 25.6% |
| Beta vs S&P 500 | 0.92 | -1.31 |
| Max drawdown (3Y) | -20.8% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIE | VXZ |
|---|---|---|
| 2022 | -26.7% | +0.5% |
| 2023 | +26.7% | -44.0% |
| 2024 | +28.6% | -12.7% |
| 2025 | +12.2% | +5.7% |
| 2026 | +9.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.68, NIE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NIE and VXZ?
Using weekly returns as of 2026-08-27: -0.68 over 3 years, with -0.63 over the last year and -0.67 over 5 years.
Is VXZ a good diversifier for NIE?
Yes. With a correlation of -0.68, NIE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.68 mean?
A reading of -0.68 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/nie-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nie-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NIE correlations · VXZ correlations
