NMAI vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen Multi-Asset Income Fund (NMAI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.56, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMAI and VXZ?
On 3 years of weekly data the NMAI/VXZ correlation comes out at -0.56, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.54 over 1 year against -0.56 over 3. The 5-year figure is -0.53, and annualized covariance runs at -203.6 %².
VXZ is close to the least connected end of NMAI's tracked universe, ranking #11 of 12. The last year tells two different stories: NMAI led by 41.6 percentage points, +25.5% for NMAI against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 1.8 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.
NMAI vs VXZ: side by side
| NMAI (Nuveen Multi-Asset Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.5% | -16.1% |
| 5-year return | +36.4% | -53.1% |
| Volatility (ann.) | 14.2% | 25.6% |
| Beta vs S&P 500 | 0.68 | -1.31 |
| Max drawdown (3Y) | -13.0% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMAI | VXZ |
|---|---|---|
| 2022 | -26.4% | +0.5% |
| 2023 | +19.5% | -44.0% |
| 2024 | +11.7% | -12.7% |
| 2025 | +20.0% | +5.7% |
| 2026 | +17.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMAI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.56, NMAI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NMAI and VXZ?
Using weekly returns as of 2026-08-27: -0.56 over 3 years, with -0.54 over the last year and -0.53 over 5 years.
Is VXZ a good diversifier for NMAI?
Yes. With a correlation of -0.56, NMAI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.56 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/nmai-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmai-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMAI correlations · VXZ correlations
