NMAI vs VXX: Correlation
Nuveen Multi-Asset Income Fund (NMAI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMAI and VXX?
Over the past 3 years, NMAI and VXX moved with a correlation of -0.60, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.60 over 1 year against -0.60 over 3. Over 5 years the correlation is -0.51, and the annualized covariance of weekly returns is -520.7 %².
Out of 12 assets tracked against NMAI, VXX lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with NMAI ahead by 75.2 points (+25.5% versus -49.7%). Note the risk asymmetry: VXX runs 4.3 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.
NMAI vs VXX: side by side
| NMAI (Nuveen Multi-Asset Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.5% | -49.7% |
| 5-year return | +36.4% | -95.6% |
| Volatility (ann.) | 14.2% | 60.9% |
| Beta vs S&P 500 | 0.68 | -3.31 |
| Max drawdown (3Y) | -13.0% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMAI | VXX |
|---|---|---|
| 2022 | -26.4% | -23.8% |
| 2023 | +19.5% | -72.5% |
| 2024 | +11.7% | -26.2% |
| 2025 | +20.0% | -42.2% |
| 2026 | +17.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMAI and VXX good diversifiers for each other?
Yes: at -0.60, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NMAI and VXX?
The NMAI/VXX correlation stands at -0.60 on a 3-year window (1 year: -0.60, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NMAI?
Yes: at -0.60, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.60 mean?
A reading of -0.60 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/nmai-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmai-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NMAI correlations · VXX correlations
