NUV vs VXX: Correlation
How closely do Nuveen Municipal Value Fund, Inc. (NUV) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUV and VXX?
On 3 years of weekly data the NUV/VXX correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.20 lands near the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -127.1 %².
Among the 13 assets we track against NUV, VXX sits near the bottom by co-movement, at rank #12. The last year tells two different stories: NUV led by 57.8 percentage points, +8.1% for NUV against -49.7% for VXX. One caveat on sizing: VXX is 7.2 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.
NUV vs VXX: side by side
| NUV (Nuveen Municipal Value Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.1% | -49.7% |
| 5-year return | -6.9% | -95.6% |
| Volatility (ann.) | 8.4% | 60.9% |
| Beta vs S&P 500 | 0.18 | -3.31 |
| Max drawdown (3Y) | -6.4% | -83.3% |
| Market cap | $1.9B | – |
| P/E (trailing) | 17.6 | – |
| Dividend yield | 4.36% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUV | VXX |
|---|---|---|
| 2022 | -14.0% | -23.8% |
| 2023 | +4.0% | -72.5% |
| 2024 | +4.0% | -26.2% |
| 2025 | +10.3% | -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 NUV and VXX good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NUV and VXX?
As of 2026-08-27, the correlation of weekly returns between NUV and VXX is -0.25 over 3 years, -0.20 over 1 year and -0.29 over 5 years.
Is VXX a good diversifier for NUV?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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/nuv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NUV correlations · VXX correlations
