UTF vs VXX: Correlation
Cohen & Steers Infrastructure Fund, Inc (UTF) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UTF and VXX?
Over the past 3 years, UTF and VXX moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -330.3 %².
Out of 19 assets tracked against UTF, VXX lands near the bottom at #18. Correlation aside, the last 12 months split them widely, with UTF ahead by 60.2 points (+10.5% versus -49.7%). One caveat on sizing: VXX is 3.5 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.
UTF vs VXX: side by side
| UTF (Cohen & Steers Infrastructure Fund, Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.5% | -49.7% |
| 5-year return | +35.3% | -95.6% |
| Volatility (ann.) | 17.3% | 60.9% |
| Beta vs S&P 500 | 0.36 | -3.31 |
| Max drawdown (3Y) | -15.0% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 6.9 | – |
| Dividend yield | 6.81% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UTF | VXX |
|---|---|---|
| 2022 | -9.7% | -23.8% |
| 2023 | -4.0% | -72.5% |
| 2024 | +22.2% | -26.2% |
| 2025 | +8.0% | -42.2% |
| 2026 | +18.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UTF and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, UTF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UTF and VXX?
The UTF/VXX correlation stands at -0.31 on a 3-year window (1 year: -0.27, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for UTF?
Yes. With a correlation of -0.31, UTF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/utf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/utf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UTF correlations · VXX correlations
