UTG vs VXZ: Correlation
Measured on weekly returns over the past three years, Reaves Utility Income Fund (UTG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UTG and VXZ?
Across a 3-year window, the weekly returns of UTG and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.42). Stretching to 5 years gives -0.43, with an annualized covariance of -206.1 %².
VXZ is close to the least connected end of UTG's tracked universe, ranking #23 of 23. Their recent paths diverged sharply: over the last 12 months UTG outperformed by 22.9 percentage points (+6.8% for UTG 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.
UTG vs VXZ: side by side
| UTG (Reaves Utility Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.8% | -16.1% |
| 5-year return | +53.5% | -53.1% |
| Volatility (ann.) | 19.1% | 25.6% |
| Beta vs S&P 500 | 0.67 | -1.31 |
| Max drawdown (3Y) | -14.9% | -36.4% |
| Market cap | $3.5B | – |
| P/E (trailing) | 2.8 | – |
| Dividend yield | 6.17% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UTG | VXZ |
|---|---|---|
| 2022 | -13.4% | +0.5% |
| 2023 | +2.8% | -44.0% |
| 2024 | +28.1% | -12.7% |
| 2025 | +23.2% | +5.7% |
| 2026 | +8.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UTG and VXZ good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between UTG and VXZ?
The UTG/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.17, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for UTG?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/utg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/utg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UTG correlations · VXZ correlations
