NGS vs VXZ: Correlation
How closely do Natural Gas Services Group, Inc. (NGS) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NGS and VXZ?
Across a 3-year window, the weekly returns of NGS and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.36). Stretching to 5 years gives -0.26, with an annualized covariance of -412.7 %².
Out of 13 assets tracked against NGS, VXZ lands near the bottom at #13. The last year tells two different stories: NGS led by 54.0 percentage points, +37.9% for NGS against -16.1% for VXZ. Note the risk asymmetry: NGS 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.
NGS vs VXZ: side by side
| NGS (Natural Gas Services Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.9% | -16.1% |
| 5-year return | +274.7% | -53.1% |
| Volatility (ann.) | 45.0% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -40.9% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 21.7 | – |
| Dividend yield | 1.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NGS | VXZ |
|---|---|---|
| 2022 | +9.5% | +0.5% |
| 2023 | +40.3% | -44.0% |
| 2024 | +66.7% | -12.7% |
| 2025 | +26.5% | +5.7% |
| 2026 | +6.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NGS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, NGS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NGS and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with 0.01 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for NGS?
Yes. With a correlation of -0.36, NGS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/ngs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ngs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NGS correlations · VXZ correlations
