VKI vs VXZ: Correlation
Invesco Advantage Municipal Income Trust II (VKI) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VKI and VXZ?
On 3 years of weekly data the VKI/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.31 over 3 years. The 5-year figure is -0.31, and annualized covariance runs at -112.1 %².
Out of 17 assets tracked against VKI, VXZ lands near the bottom at #17. The last year tells two different stories: VKI led by 31.8 percentage points, +15.7% for VKI against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 1.8 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.
VKI vs VXZ: side by side
| VKI (Invesco Advantage Municipal Income Trust II) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.7% | -16.1% |
| 5-year return | -5.1% | -53.1% |
| Volatility (ann.) | 13.9% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -12.4% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 35.6 | – |
| Dividend yield | 7.50% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VKI | VXZ |
|---|---|---|
| 2022 | -25.5% | +0.5% |
| 2023 | +3.1% | -44.0% |
| 2024 | +10.2% | -12.7% |
| 2025 | +12.8% | +5.7% |
| 2026 | +2.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VKI and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VKI and VXZ?
The VKI/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.45, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VKI?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
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/vki-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vki-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VKI correlations · VXZ correlations
