VXX vs ZTR: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Virtus Total Return Fund Inc. (ZTR) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZTR?
Across a 3-year window, the weekly returns of VXX and ZTR correlate at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.27 versus -0.39 over 3 years. Stretching to 5 years gives -0.34, with an annualized covariance of -332.1 %².
Among the 2872 assets we track against VXX, ZTR ranks #1879 by 3-year correlation. The last year tells two different stories: ZTR led by 67.7 percentage points, -49.7% for VXX against +18.0% for ZTR. Risk is not evenly split, since VXX carries 4.3 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.
VXX vs ZTR: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZTR (Virtus Total Return Fund Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +18.0% |
| 5-year return | -95.6% | +27.0% |
| Volatility (ann.) | 60.9% | 14.0% |
| Beta vs S&P 500 | -3.31 | 0.40 |
| Max drawdown (3Y) | -83.3% | -18.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 5.7 |
| Dividend yield | 0.00% | 8.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZTR |
|---|---|---|
| 2022 | -23.8% | -21.3% |
| 2023 | -72.5% | -3.2% |
| 2024 | -26.2% | +18.3% |
| 2025 | -42.2% | +18.6% |
| 2026 | -31.6% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZTR good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and ZTR?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.27 over the last year and -0.34 over 5 years.
Is ZTR a good diversifier for VXX?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/vxx-vs-ztr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-ztr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · ZTR correlations
