NMT vs VXX: Correlation
Measured on weekly returns over the past three years, Nuveen Massachusetts Quality Municipal Income Fund (NMT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMT and VXX?
Across a 3-year window, the weekly returns of NMT and VXX correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.28, with an annualized covariance of -145.7 %².
Out of 13 assets tracked against NMT, VXX lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with NMT ahead by 69.5 points (+19.8% versus -49.7%). Note the risk asymmetry: VXX runs 6.2 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.
NMT vs VXX: side by side
| NMT (Nuveen Massachusetts Quality Municipal Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.8% | -49.7% |
| 5-year return | +6.8% | -95.6% |
| Volatility (ann.) | 9.8% | 60.9% |
| Beta vs S&P 500 | 0.20 | -3.31 |
| Max drawdown (3Y) | -9.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 6.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMT | VXX |
|---|---|---|
| 2022 | -30.4% | -23.8% |
| 2023 | +2.6% | -72.5% |
| 2024 | +16.3% | -26.2% |
| 2025 | +5.8% | -42.2% |
| 2026 | +15.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMT and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between NMT and VXX?
The NMT/VXX correlation stands at -0.25 on a 3-year window (1 year: -0.21, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NMT?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nmt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NMT correlations · VXX correlations
