NEWT vs VXZ: Correlation
NewtekOne, Inc. (NEWT) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEWT and VXZ?
Over the past 3 years, NEWT and VXZ moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.47 lands near the 3-year figure. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -449.5 %².
VXZ is close to the least connected end of NEWT's tracked universe, ranking #17 of 17. Correlation aside, the last 12 months split them widely, with NEWT ahead by 22.0 points (+5.9% versus -16.1%). One caveat on sizing: NEWT is 1.5 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.
NEWT vs VXZ: side by side
| NEWT (NewtekOne, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.9% | -16.1% |
| 5-year return | -35.1% | -53.1% |
| Volatility (ann.) | 38.9% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -43.8% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 6.16% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEWT | VXZ |
|---|---|---|
| 2022 | -33.2% | +0.5% |
| 2023 | -10.7% | -44.0% |
| 2024 | -1.6% | -12.7% |
| 2025 | -4.9% | +5.7% |
| 2026 | +11.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEWT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.45, NEWT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NEWT and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.47 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for NEWT?
Yes. With a correlation of -0.45, NEWT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/newt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/newt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEWT correlations · VXZ correlations
