NATL vs VXX: Correlation
How closely do NCR Atleos Corporation (NATL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NATL and VXX?
On 3 years of weekly data the NATL/VXX correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.33). The 5-year figure is n/a, and annualized covariance runs at -730.9 %².
Out of 11 assets tracked against NATL, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months NATL outperformed by 63.9 percentage points (+14.2% for NATL against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NATL vs VXX: side by side
| NATL (NCR Atleos Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 36.3% | 60.9% |
| Beta vs S&P 500 | 0.75 | -3.31 |
| Max drawdown (3Y) | -34.7% | -83.3% |
| Market cap | $3.4B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NATL | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | – | -72.5% |
| 2024 | +39.6% | -26.2% |
| 2025 | +12.4% | -42.2% |
| 2026 | +20.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NATL and VXX good diversifiers for each other?
Yes. With a correlation of -0.33, NATL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NATL and VXX?
As of 2026-08-27, the correlation of weekly returns between NATL and VXX is -0.33 over 3 years, -0.07 over 1 year and n/a over 5 years.
Is VXX a good diversifier for NATL?
Yes. With a correlation of -0.33, NATL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/natl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/natl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NATL correlations · VXX correlations
