NNY vs VXX: Correlation
How closely do Nuveen New York Municipal Value Fund (NNY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNY and VXX?
Across a 3-year window, the weekly returns of NNY and VXX correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.53) than the 3-year average (-0.27). Stretching to 5 years gives -0.21, with an annualized covariance of -143.1 %².
Among the 10 assets we track against NNY, VXX sits near the bottom by co-movement, at rank #9. The last year tells two different stories: NNY led by 55.7 percentage points, +6.0% for NNY against -49.7% for VXX. Note the risk asymmetry: VXX runs 6.9 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.
NNY vs VXX: side by side
| NNY (Nuveen New York Municipal Value Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.0% | -49.7% |
| 5-year return | -2.8% | -95.6% |
| Volatility (ann.) | 8.8% | 60.9% |
| Beta vs S&P 500 | 0.19 | -3.31 |
| Max drawdown (3Y) | -8.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 4.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNY | VXX |
|---|---|---|
| 2022 | -13.4% | -23.8% |
| 2023 | +4.3% | -72.5% |
| 2024 | +1.2% | -26.2% |
| 2025 | +11.2% | -42.2% |
| 2026 | -1.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNY and VXX good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NNY and VXX?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.53 over the last year and -0.21 over 5 years.
Is VXX a good diversifier for NNY?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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/nny-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nny-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NNY correlations · VXX correlations
