NE vs VXZ: Correlation
How closely do Noble Corporation plc A (NE) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NE and VXZ?
Across a 3-year window, the weekly returns of NE and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.31). Stretching to 5 years gives -0.31, with an annualized covariance of -319.8 %².
Out of 16 assets tracked against NE, VXZ lands near the bottom at #15. The last year tells two different stories: NE led by 88.2 percentage points, +72.1% for NE against -16.1% for VXZ. Risk is not evenly split, since NE carries 1.6 times the volatility of the other side.
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.
NE vs VXZ: side by side
| NE (Noble Corporation plc A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +72.1% | -16.1% |
| 5-year return | +134.0% | -53.1% |
| Volatility (ann.) | 40.7% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -63.2% | -36.4% |
| Market cap | $7.5B | – |
| P/E (trailing) | 48.2 | – |
| Dividend yield | 4.43% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NE | VXZ |
|---|---|---|
| 2022 | +52.0% | +0.5% |
| 2023 | +29.5% | -44.0% |
| 2024 | -31.6% | -12.7% |
| 2025 | -3.2% | +5.7% |
| 2026 | +69.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, NE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NE and VXZ?
As of 2026-08-27, the correlation of weekly returns between NE and VXZ is -0.31 over 3 years, 0.10 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for NE?
Yes. With a correlation of -0.31, NE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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/ne-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ne-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NE correlations · VXZ correlations
