QQQX vs VXX: Correlation
How closely do Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX) 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 -0.69, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQX and VXX?
Over the past 3 years, QQQX and VXX moved with a correlation of -0.69, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.68) sits close to the 3-year figure. Over 5 years the correlation is -0.59, and the annualized covariance of weekly returns is -759.7 %².
VXX is close to the least connected end of QQQX's tracked universe, ranking #19 of 20. Correlation aside, the last 12 months split them widely, with QQQX ahead by 74.1 points (+24.4% versus -49.7%). Risk is not evenly split, since VXX carries 3.4 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.
QQQX vs VXX: side by side
| QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.4% | -49.7% |
| 5-year return | +51.0% | -95.6% |
| Volatility (ann.) | 18.1% | 60.9% |
| Beta vs S&P 500 | 1.09 | -3.31 |
| Max drawdown (3Y) | -22.8% | -83.3% |
| Market cap | $1.5B | – |
| P/E (trailing) | 8.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QQQX | VXX |
|---|---|---|
| 2022 | -27.4% | -23.8% |
| 2023 | +21.7% | -72.5% |
| 2024 | +25.6% | -26.2% |
| 2025 | +14.9% | -42.2% |
| 2026 | +13.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQX and VXX good diversifiers for each other?
Yes: at -0.69, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQX and VXX?
As of 2026-08-27, the correlation of weekly returns between QQQX and VXX is -0.69 over 3 years, -0.68 over 1 year and -0.59 over 5 years.
Is VXX a good diversifier for QQQX?
Yes: at -0.69, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.69 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/qqqx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqqx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QQQX correlations · VXX correlations
