NUW vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Municipal Value Fund (NUW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUW and VXZ?
On 3 years of weekly data the NUW/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -72.0 %².
Among the 10 assets we track against NUW, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with NUW ahead by 22.0 points (+5.9% versus -16.1%). Risk is not evenly split, since VXZ carries 2.9 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.
NUW vs VXZ: side by side
| NUW (Nuveen AMT-Free Municipal Value Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.9% | -16.1% |
| 5-year return | -1.6% | -53.1% |
| Volatility (ann.) | 8.7% | 25.6% |
| Beta vs S&P 500 | 0.15 | -1.31 |
| Max drawdown (3Y) | -7.7% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUW | VXZ |
|---|---|---|
| 2022 | -15.2% | +0.5% |
| 2023 | +3.8% | -44.0% |
| 2024 | +3.6% | -12.7% |
| 2025 | +9.9% | +5.7% |
| 2026 | -0.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between NUW and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.37 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for NUW?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/nuw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NUW correlations · VXZ correlations
