NGVC vs VXZ: Correlation
Measured on weekly returns over the past three years, Natural Grocers by Vitamin Cottage, Inc. (NGVC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NGVC and VXZ?
Over the past 3 years, NGVC and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -340.1 %².
Among the 10 assets we track against NGVC, VXZ sits near the bottom by co-movement, at rank #10. On 12-month performance VXZ holds a 13.7-point edge, -29.8% against -16.1%. Risk is not evenly split, since NGVC carries 2.0 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.
NGVC vs VXZ: side by side
| NGVC (Natural Grocers by Vitamin Cottage, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -29.8% | -16.1% |
| 5-year return | +184.3% | -53.1% |
| Volatility (ann.) | 51.4% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -59.9% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 2.05% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NGVC | VXZ |
|---|---|---|
| 2022 | -34.0% | +0.5% |
| 2023 | +91.8% | -44.0% |
| 2024 | +152.5% | -12.7% |
| 2025 | -36.1% | +5.7% |
| 2026 | +10.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NGVC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, NGVC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NGVC and VXZ?
The NGVC/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.18, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NGVC?
Yes. With a correlation of -0.26, NGVC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/ngvc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ngvc-vs-vxz/)
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Related comparisons
Hubs: NGVC correlations · VXZ correlations
