NMT vs VXZ: Correlation
How closely do Nuveen Massachusetts Quality Municipal Income Fund (NMT) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMT and VXZ?
On 3 years of weekly data the NMT/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -64.4 %².
VXZ is close to the least connected end of NMT's tracked universe, ranking #12 of 13. Correlation aside, the last 12 months split them widely, with NMT ahead by 35.9 points (+19.8% versus -16.1%). One caveat on sizing: VXZ is 2.6 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.
NMT vs VXZ: side by side
| NMT (Nuveen Massachusetts Quality Municipal Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.8% | -16.1% |
| 5-year return | +6.8% | -53.1% |
| Volatility (ann.) | 9.8% | 25.6% |
| Beta vs S&P 500 | 0.20 | -1.31 |
| Max drawdown (3Y) | -9.6% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 6.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMT | VXZ |
|---|---|---|
| 2022 | -30.4% | +0.5% |
| 2023 | +2.6% | -44.0% |
| 2024 | +16.3% | -12.7% |
| 2025 | +5.8% | +5.7% |
| 2026 | +15.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between NMT and VXZ?
As of 2026-08-27, the correlation of weekly returns between NMT and VXZ is -0.26 over 3 years, -0.17 over 1 year and -0.27 over 5 years.
Is VXZ a good diversifier for NMT?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMT correlations · VXZ correlations
