NNY vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen New York Municipal Value Fund (NNY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNY and VXZ?
On 3 years of weekly data the NNY/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.52) runs below the 3-year figure (-0.27). The 5-year figure is -0.22, and annualized covariance runs at -59.8 %².
Among the 10 assets we track against NNY, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with NNY ahead by 22.1 points (+6.0% versus -16.1%). One caveat on sizing: VXZ is 2.9 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.
NNY vs VXZ: side by side
| NNY (Nuveen New York Municipal Value Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.0% | -16.1% |
| 5-year return | -2.8% | -53.1% |
| Volatility (ann.) | 8.8% | 25.6% |
| Beta vs S&P 500 | 0.19 | -1.31 |
| Max drawdown (3Y) | -8.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 4.34% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNY | VXZ |
|---|---|---|
| 2022 | -13.4% | +0.5% |
| 2023 | +4.3% | -44.0% |
| 2024 | +1.2% | -12.7% |
| 2025 | +11.2% | +5.7% |
| 2026 | -1.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNY and VXZ 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 VXZ?
The NNY/VXZ correlation stands at -0.27 on a 3-year window (1 year: -0.52, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXZ 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?
On the −1 to +1 scale, -0.27 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/nny-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nny-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NNY correlations · VXZ correlations
