NUW vs VXX: Correlation
How closely do Nuveen AMT-Free Municipal Value Fund (NUW) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUW and VXX?
On 3 years of weekly data the NUW/VXX correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.29 over 3. The 5-year figure is -0.30, and annualized covariance runs at -150.9 %².
Out of 10 assets tracked against NUW, VXX lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months NUW outperformed by 55.6 percentage points (+5.9% for NUW against -49.7% for VXX). One caveat on sizing: VXX is 7.0 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.
NUW vs VXX: side by side
| NUW (Nuveen AMT-Free Municipal Value Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.9% | -49.7% |
| 5-year return | -1.6% | -95.6% |
| Volatility (ann.) | 8.7% | 60.9% |
| Beta vs S&P 500 | 0.15 | -3.31 |
| Max drawdown (3Y) | -7.7% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUW | VXX |
|---|---|---|
| 2022 | -15.2% | -23.8% |
| 2023 | +3.8% | -72.5% |
| 2024 | +3.6% | -26.2% |
| 2025 | +9.9% | -42.2% |
| 2026 | -0.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUW and VXX good diversifiers for each other?
Yes. With a correlation of -0.29, NUW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NUW and VXX?
As of 2026-08-27, the correlation of weekly returns between NUW and VXX is -0.29 over 3 years, -0.36 over 1 year and -0.30 over 5 years.
Is VXX a good diversifier for NUW?
Yes. With a correlation of -0.29, NUW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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/nuw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NUW correlations · VXX correlations
