NZF vs VXX: Correlation
Nuveen Municipal Credit Income Fund (NZF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NZF and VXX?
Over the past 3 years, NZF and VXX moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.29 over 3. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -208.5 %².
Out of 25 assets tracked against NZF, VXX lands near the bottom at #24. The last year tells two different stories: NZF led by 60.5 percentage points, +10.8% for NZF against -49.7% for VXX. Note the risk asymmetry: VXX runs 5.2 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.
NZF vs VXX: side by side
| NZF (Nuveen Municipal Credit Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.8% | -49.7% |
| 5-year return | -4.1% | -95.6% |
| Volatility (ann.) | 11.6% | 60.9% |
| Beta vs S&P 500 | 0.30 | -3.31 |
| Max drawdown (3Y) | -12.4% | -83.3% |
| Market cap | $2.4B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 7.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NZF | VXX |
|---|---|---|
| 2022 | -25.5% | -23.8% |
| 2023 | +2.5% | -72.5% |
| 2024 | +10.1% | -26.2% |
| 2025 | +11.8% | -42.2% |
| 2026 | +2.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NZF and VXX good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NZF and VXX?
The NZF/VXX correlation stands at -0.29 on a 3-year window (1 year: -0.34, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NZF?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nzf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nzf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NZF correlations · VXX correlations
