NVG vs VXZ: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Municipal Credit Income Fund (NVG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVG and VXZ?
Across a 3-year window, the weekly returns of NVG and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.36 over 3. Stretching to 5 years gives -0.32, with an annualized covariance of -119.1 %².
Out of 28 assets tracked against NVG, VXZ lands near the bottom at #28. Their recent paths diverged sharply: over the last 12 months NVG outperformed by 28.5 percentage points (+12.4% for NVG against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 2.0 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.
NVG vs VXZ: side by side
| NVG (Nuveen AMT-Free Municipal Credit Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.4% | -16.1% |
| 5-year return | -7.8% | -53.1% |
| Volatility (ann.) | 13.0% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -12.9% | -36.4% |
| Market cap | $2.7B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.75% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVG | VXZ |
|---|---|---|
| 2022 | -28.5% | +0.5% |
| 2023 | +2.0% | -44.0% |
| 2024 | +10.8% | -12.7% |
| 2025 | +11.6% | +5.7% |
| 2026 | +1.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, NVG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NVG and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.42 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for NVG?
Yes. With a correlation of -0.36, NVG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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/nvg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVG correlations · VXZ correlations
