NEM vs VXX: Correlation
How closely do Newmont (NEM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEM and VXX?
On 3 years of weekly data the NEM/VXX correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.32) than the 3-year average (-0.17). The 5-year figure is -0.15, and annualized covariance runs at -440.2 %².
By 3-year correlation, VXX places #29 of the 34 assets tracked against NEM. The last year tells two different stories: NEM led by 134.4 percentage points, +84.7% for NEM against -49.7% for VXX.
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.
NEM vs VXX: side by side
| NEM (Newmont) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +84.7% | -49.7% |
| 5-year return | +165.9% | -95.6% |
| Volatility (ann.) | 43.0% | 60.9% |
| Beta vs S&P 500 | 0.87 | -3.31 |
| Max drawdown (3Y) | -36.6% | -83.3% |
| Market cap | $139.4B | – |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 0.78% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NEM | VXX |
|---|---|---|
| 2022 | -20.8% | -23.8% |
| 2023 | -8.8% | -72.5% |
| 2024 | -7.8% | -26.2% |
| 2025 | +172.8% | -42.2% |
| 2026 | +33.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEM and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between NEM and VXX?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.32 over the last year and -0.15 over 5 years.
Is VXX a good diversifier for NEM?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nem-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nem-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NEM correlations · VXX correlations
