NC vs VXX: Correlation
NACCO Industries, Inc. (NC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NC and VXX?
Across a 3-year window, the weekly returns of NC and VXX correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.23 over 3 years. Stretching to 5 years gives -0.20, with an annualized covariance of -513.0 %².
Out of 10 assets tracked against NC, VXX lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with NC ahead by 61.9 points (+12.2% versus -49.7%). One caveat on sizing: VXX is 1.7 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.
NC vs VXX: side by side
| NC (NACCO Industries, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.2% | -49.7% |
| 5-year return | +96.1% | -95.6% |
| Volatility (ann.) | 36.3% | 60.9% |
| Beta vs S&P 500 | 0.46 | -3.31 |
| Max drawdown (3Y) | -31.2% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 2.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NC | VXX |
|---|---|---|
| 2022 | +6.7% | -23.8% |
| 2023 | -1.5% | -72.5% |
| 2024 | -15.9% | -26.2% |
| 2025 | +68.8% | -42.2% |
| 2026 | -11.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between NC and VXX?
The NC/VXX correlation stands at -0.23 on a 3-year window (1 year: -0.10, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NC?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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/nc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NC correlations · VXX correlations
