NCNO vs VXZ: Correlation
How closely do nCino, Inc. (NCNO) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCNO and VXZ?
Across a 3-year window, the weekly returns of NCNO and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.39 over 3. Stretching to 5 years gives -0.37, with an annualized covariance of -465.8 %².
VXZ is close to the least connected end of NCNO's tracked universe, ranking #11 of 11. Over the last 12 months VXZ came out ahead by 12.6 percentage points (-28.7% against -16.1%). Note the risk asymmetry: NCNO runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NCNO vs VXZ: side by side
| NCNO (nCino, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -28.7% | -16.1% |
| 5-year return | -62.7% | -53.1% |
| Volatility (ann.) | 46.7% | 25.6% |
| Beta vs S&P 500 | 1.44 | -1.31 |
| Max drawdown (3Y) | -67.1% | -36.4% |
| Market cap | $2.5B | – |
| P/E (trailing) | 68.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCNO | VXZ |
|---|---|---|
| 2022 | -51.8% | +0.5% |
| 2023 | +27.2% | -44.0% |
| 2024 | -0.1% | -12.7% |
| 2025 | -23.6% | +5.7% |
| 2026 | -9.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCNO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, NCNO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NCNO and VXZ?
The NCNO/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.48, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NCNO?
Yes. With a correlation of -0.39, NCNO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/ncno-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncno-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCNO correlations · VXZ correlations
