NBR vs VXZ: Correlation
How closely do Nabors Industries Ltd. (NBR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBR and VXZ?
Over the past 3 years, NBR and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.02) than the 3-year average (-0.24). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -400.5 %².
VXZ is close to the least connected end of NBR's tracked universe, ranking #16 of 18. Correlation aside, the last 12 months split them widely, with NBR ahead by 169.4 points (+153.3% versus -16.1%). One caveat on sizing: NBR is 2.5 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.
NBR vs VXZ: side by side
| NBR (Nabors Industries Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +153.3% | -16.1% |
| 5-year return | +10.3% | -53.1% |
| Volatility (ann.) | 65.2% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -82.2% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 5.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBR | VXZ |
|---|---|---|
| 2022 | +91.0% | +0.5% |
| 2023 | -47.3% | -44.0% |
| 2024 | -30.0% | -12.7% |
| 2025 | -5.0% | +5.7% |
| 2026 | +68.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBR and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NBR and VXZ?
The NBR/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.02, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NBR?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nbr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBR correlations · VXZ correlations
