UTF vs VXZ: Correlation
Cohen & Steers Infrastructure Fund, Inc (UTF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UTF and VXZ?
Over the past 3 years, UTF and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.36 over 3. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -160.9 %².
Out of 19 assets tracked against UTF, VXZ lands near the bottom at #19. The last year tells two different stories: UTF led by 26.6 percentage points, +10.5% for UTF against -16.1% for VXZ.
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 VXZ: side by side
| UTF (Cohen & Steers Infrastructure Fund, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.5% | -16.1% |
| 5-year return | +35.3% | -53.1% |
| Volatility (ann.) | 17.3% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -15.0% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 6.9 | – |
| Dividend yield | 6.81% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UTF | VXZ |
|---|---|---|
| 2022 | -9.7% | +0.5% |
| 2023 | -4.0% | -44.0% |
| 2024 | +22.2% | -12.7% |
| 2025 | +8.0% | +5.7% |
| 2026 | +18.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UTF and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between UTF and VXZ?
The UTF/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.31, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for UTF?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/utf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UTF correlations · VXZ correlations
