NDAQ vs VXZ: Correlation
Nasdaq, Inc. (NDAQ) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDAQ and VXZ?
On 3 years of weekly data the NDAQ/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.39). The 5-year figure is -0.42, and annualized covariance runs at -232.4 %².
Out of 35 assets tracked against NDAQ, VXZ lands near the bottom at #33. Their recent paths diverged sharply: over the last 12 months NDAQ outperformed by 22.2 percentage points (+6.1% for NDAQ 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.
NDAQ vs VXZ: side by side
| NDAQ (Nasdaq, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.1% | -16.1% |
| 5-year return | +64.4% | -53.1% |
| Volatility (ann.) | 23.2% | 25.6% |
| Beta vs S&P 500 | 0.80 | -1.31 |
| Max drawdown (3Y) | -23.4% | -36.4% |
| Market cap | $55.5B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.13% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | NDAQ | VXZ |
|---|---|---|
| 2022 | -11.2% | +0.5% |
| 2023 | -3.7% | -44.0% |
| 2024 | +34.8% | -12.7% |
| 2025 | +27.2% | +5.7% |
| 2026 | +3.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDAQ and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NDAQ and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.19 over the last year and -0.42 over 5 years.
Is VXZ a good diversifier for NDAQ?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
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/ndaq-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ndaq-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NDAQ correlations · VXZ correlations
