VKQ vs VXX: Correlation
Invesco Municipal Trust (VKQ) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VKQ and VXX?
On 3 years of weekly data the VKQ/VXX correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.34 over 3. The 5-year figure is -0.28, and annualized covariance runs at -238.5 %².
VXX is close to the least connected end of VKQ's tracked universe, ranking #13 of 14. The last year tells two different stories: VKQ led by 65.6 percentage points, +15.9% for VKQ against -49.7% for VXX. Risk is not evenly split, since VXX carries 5.2 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.
VKQ vs VXX: side by side
| VKQ (Invesco Municipal Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.9% | -49.7% |
| 5-year return | -4.8% | -95.6% |
| Volatility (ann.) | 11.7% | 60.9% |
| Beta vs S&P 500 | 0.30 | -3.31 |
| Max drawdown (3Y) | -11.7% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 32.7 | – |
| Dividend yield | 7.72% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VKQ | VXX |
|---|---|---|
| 2022 | -22.3% | -23.8% |
| 2023 | +0.9% | -72.5% |
| 2024 | +9.7% | -26.2% |
| 2025 | +6.5% | -42.2% |
| 2026 | +6.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VKQ and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between VKQ and VXX?
As of 2026-08-27, the correlation of weekly returns between VKQ and VXX is -0.34 over 3 years, -0.43 over 1 year and -0.28 over 5 years.
Is VXX a good diversifier for VKQ?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vkq-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vkq-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VKQ correlations · VXX correlations
