NPCT vs VXZ: Correlation
How closely do Nuveen Core Plus Impact Fund (NPCT) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPCT and VXZ?
On 3 years of weekly data the NPCT/VXZ correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.58) runs below the 3-year figure (-0.42). The 5-year figure is -0.43, and annualized covariance runs at -126.0 %².
Among the 17 assets we track against NPCT, VXZ sits near the bottom by co-movement, at rank #17. The last year tells two different stories: NPCT led by 15.8 percentage points, -0.3% for NPCT against -16.1% for VXZ. One caveat on sizing: VXZ is 2.2 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.
NPCT vs VXZ: side by side
| NPCT (Nuveen Core Plus Impact Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.3% | -16.1% |
| 5-year return | -14.4% | -53.1% |
| Volatility (ann.) | 11.7% | 25.6% |
| Beta vs S&P 500 | 0.38 | -1.31 |
| Max drawdown (3Y) | -10.8% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NPCT | VXZ |
|---|---|---|
| 2022 | -37.5% | +0.5% |
| 2023 | +7.8% | -44.0% |
| 2024 | +17.3% | -12.7% |
| 2025 | +9.9% | +5.7% |
| 2026 | +2.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPCT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between NPCT and VXZ?
The NPCT/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.58, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NPCT?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 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/npct-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/npct-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NPCT correlations · VXZ correlations
