VTN vs VXZ: Correlation
Measured on weekly returns over the past three years, Invesco Trust for Investment Grade New York Municipals (VTN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VTN and VXZ?
On 3 years of weekly data the VTN/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. The 5-year figure is -0.35, and annualized covariance runs at -129.9 %².
Out of 10 assets tracked against VTN, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with VTN ahead by 30.8 points (+14.7% versus -16.1%). One caveat on sizing: VXZ is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
VTN vs VXZ: side by side
| VTN (Invesco Trust for Investment Grade New York Municipals) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.7% | -16.1% |
| 5-year return | +4.2% | -53.1% |
| Volatility (ann.) | 14.2% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -14.5% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 35.8 | – |
| Dividend yield | 7.62% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VTN | VXZ |
|---|---|---|
| 2022 | -21.1% | +0.5% |
| 2023 | +7.3% | -44.0% |
| 2024 | +6.8% | -12.7% |
| 2025 | +18.9% | +5.7% |
| 2026 | -1.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VTN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, VTN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VTN and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.36 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for VTN?
Yes. With a correlation of -0.36, VTN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/vtn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vtn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VTN correlations · VXZ correlations
