NBTB vs VXZ: Correlation
Measured on weekly returns over the past three years, NBT Bancorp Inc. (NBTB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBTB and VXZ?
On 3 years of weekly data the NBTB/VXZ correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.34) than the 3-year average (-0.48). The 5-year figure is -0.40, and annualized covariance runs at -333.3 %².
Out of 17 assets tracked against NBTB, VXZ lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with NBTB ahead by 34.2 points (+18.1% versus -16.1%).
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.
NBTB vs VXZ: side by side
| NBTB (NBT Bancorp Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.1% | -16.1% |
| 5-year return | +68.0% | -53.1% |
| Volatility (ann.) | 27.2% | 25.6% |
| Beta vs S&P 500 | 0.75 | -1.31 |
| Max drawdown (3Y) | -25.7% | -36.4% |
| Market cap | $2.7B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 2.87% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBTB | VXZ |
|---|---|---|
| 2022 | +16.0% | +0.5% |
| 2023 | -0.1% | -44.0% |
| 2024 | +17.7% | -12.7% |
| 2025 | -10.2% | +5.7% |
| 2026 | +26.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBTB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.48, NBTB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NBTB and VXZ?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.34 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for NBTB?
Yes. With a correlation of -0.48, NBTB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 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/nbtb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbtb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBTB correlations · VXZ correlations
