NUV vs VXZ: Correlation
How closely do Nuveen Municipal Value Fund, Inc. (NUV) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUV and VXZ?
On 3 years of weekly data the NUV/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -66.7 %².
Among the 13 assets we track against NUV, VXZ sits near the bottom by co-movement, at rank #13. The last year tells two different stories: NUV led by 24.2 percentage points, +8.1% for NUV against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 3.0 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.
NUV vs VXZ: side by side
| NUV (Nuveen Municipal Value Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.1% | -16.1% |
| 5-year return | -6.9% | -53.1% |
| Volatility (ann.) | 8.4% | 25.6% |
| Beta vs S&P 500 | 0.18 | -1.31 |
| Max drawdown (3Y) | -6.4% | -36.4% |
| Market cap | $1.9B | – |
| P/E (trailing) | 17.6 | – |
| Dividend yield | 4.36% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUV | VXZ |
|---|---|---|
| 2022 | -14.0% | +0.5% |
| 2023 | +4.0% | -44.0% |
| 2024 | +4.0% | -12.7% |
| 2025 | +10.3% | +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 NUV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, NUV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NUV and VXZ?
As of 2026-08-27, the correlation of weekly returns between NUV and VXZ is -0.31 over 3 years, -0.24 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for NUV?
Yes. With a correlation of -0.31, NUV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/nuv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NUV correlations · VXZ correlations
