VGI vs VXZ: Correlation
Measured on weekly returns over the past three years, Virtus Global Multi-Sector Income Fund (VGI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VGI and VXZ?
Across a 3-year window, the weekly returns of VGI and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.62 versus -0.49 over 3 years. Stretching to 5 years gives -0.51, with an annualized covariance of -128.7 %².
VXZ is close to the least connected end of VGI's tracked universe, ranking #42 of 42. The last year tells two different stories: VGI led by 19.9 percentage points, +3.8% for VGI against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 2.5 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.
VGI vs VXZ: side by side
| VGI (Virtus Global Multi-Sector Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.8% | -16.1% |
| 5-year return | +11.9% | -53.1% |
| Volatility (ann.) | 10.3% | 25.6% |
| Beta vs S&P 500 | 0.38 | -1.31 |
| Max drawdown (3Y) | -11.3% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 7.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VGI | VXZ |
|---|---|---|
| 2022 | -22.3% | +0.5% |
| 2023 | +13.4% | -44.0% |
| 2024 | +10.4% | -12.7% |
| 2025 | +16.1% | +5.7% |
| 2026 | +1.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VGI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, VGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VGI and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.62 over the last year and -0.51 over 5 years.
Is VXZ a good diversifier for VGI?
Yes. With a correlation of -0.49, VGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 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/vgi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vgi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VGI correlations · VXZ correlations
