NATL vs VXZ: Correlation
NCR Atleos Corporation (NATL) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NATL and VXZ?
On 3 years of weekly data the NATL/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.33). The 5-year figure is n/a, and annualized covariance runs at -306.3 %².
Out of 11 assets tracked against NATL, VXZ lands near the bottom at #11. The last year tells two different stories: NATL led by 30.3 percentage points, +14.2% for NATL against -16.1% for VXZ.
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 VXZ: side by side
| NATL (NCR Atleos Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 36.3% | 25.6% |
| Beta vs S&P 500 | 0.75 | -1.31 |
| Max drawdown (3Y) | -34.7% | -36.4% |
| Market cap | $3.4B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NATL | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +39.6% | -12.7% |
| 2025 | +12.4% | +5.7% |
| 2026 | +20.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NATL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, NATL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NATL and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.18 over the last year and n/a over 5 years.
Is VXZ a good diversifier for NATL?
Yes. With a correlation of -0.33, NATL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/natl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/natl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NATL correlations · VXZ correlations
