NPV vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen Virginia Quality Municipal Income Fund (NPV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPV and VXZ?
On 3 years of weekly data the NPV/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -85.6 %².
VXZ is close to the least connected end of NPV's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with NPV ahead by 16.4 points (+0.3% versus -16.1%). Risk is not evenly split, since VXZ carries 2.2 times the volatility of the other side.
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.
NPV vs VXZ: side by side
| NPV (Nuveen Virginia Quality Municipal Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.3% | -16.1% |
| 5-year return | -20.8% | -53.1% |
| Volatility (ann.) | 11.9% | 25.6% |
| Beta vs S&P 500 | 0.23 | -1.31 |
| Max drawdown (3Y) | -18.3% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 8.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NPV | VXZ |
|---|---|---|
| 2022 | -31.5% | +0.5% |
| 2023 | +0.4% | -44.0% |
| 2024 | +24.6% | -12.7% |
| 2025 | -5.9% | +5.7% |
| 2026 | -0.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, NPV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NPV and VXZ?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.38 over the last year and -0.23 over 5 years.
Is VXZ a good diversifier for NPV?
Yes. With a correlation of -0.28, NPV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/npv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/npv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NPV correlations · VXZ correlations
