NIM vs VXZ: Correlation
Nuveen Select Maturities Municipal Fund (NIM) 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 -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIM and VXZ?
Across a 3-year window, the weekly returns of NIM and VXZ correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.21). Stretching to 5 years gives -0.21, with an annualized covariance of -44.3 %².
Among the 13 assets we track against NIM, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: NIM led by 21.6 percentage points, +5.5% for NIM against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 3.0 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.
NIM vs VXZ: side by side
| NIM (Nuveen Select Maturities Municipal Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.5% | -16.1% |
| 5-year return | +1.3% | -53.1% |
| Volatility (ann.) | 8.4% | 25.6% |
| Beta vs S&P 500 | 0.16 | -1.31 |
| Max drawdown (3Y) | -6.8% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 3.66% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIM | VXZ |
|---|---|---|
| 2022 | -12.9% | +0.5% |
| 2023 | +0.8% | -44.0% |
| 2024 | +2.8% | -12.7% |
| 2025 | +10.9% | +5.7% |
| 2026 | +2.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between NIM and VXZ?
As of 2026-08-27, the correlation of weekly returns between NIM and VXZ is -0.21 over 3 years, -0.07 over 1 year and -0.21 over 5 years.
Is VXZ a good diversifier for NIM?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/nim-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nim-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NIM correlations · VXZ correlations
