NBHC vs VXZ: Correlation
National Bank Holdings Corporation (NBHC) 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 -0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBHC and VXZ?
On 3 years of weekly data the NBHC/VXZ correlation comes out at -0.52, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.37 versus -0.52 over 3 years. The 5-year figure is -0.48, and annualized covariance runs at -331.7 %².
Among the 18 assets we track against NBHC, VXZ sits near the bottom by co-movement, at rank #18. Their recent paths diverged sharply: over the last 12 months NBHC outperformed by 23.2 percentage points (+7.1% for NBHC 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.
NBHC vs VXZ: side by side
| NBHC (National Bank Holdings Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.1% | -16.1% |
| 5-year return | +26.8% | -53.1% |
| Volatility (ann.) | 25.0% | 25.6% |
| Beta vs S&P 500 | 0.75 | -1.31 |
| Max drawdown (3Y) | -32.9% | -36.4% |
| Market cap | $1.8B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 3.07% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBHC | VXZ |
|---|---|---|
| 2022 | -2.2% | +0.5% |
| 2023 | -8.8% | -44.0% |
| 2024 | +19.1% | -12.7% |
| 2025 | -8.9% | +5.7% |
| 2026 | +10.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBHC and VXZ good diversifiers for each other?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NBHC and VXZ?
The NBHC/VXZ correlation stands at -0.52 on a 3-year window (1 year: -0.37, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NBHC?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.52 mean?
On the −1 to +1 scale, -0.52 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/nbhc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbhc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBHC correlations · VXZ correlations
