NGVT vs VXZ: Correlation
Ingevity Corporation (NGVT) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NGVT and VXZ?
On 3 years of weekly data the NGVT/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.41). The 5-year figure is -0.43, and annualized covariance runs at -506.5 %².
VXZ is close to the least connected end of NGVT's tracked universe, ranking #22 of 23. Correlation aside, the last 12 months split them widely, with NGVT ahead by 37.6 points (+21.5% versus -16.1%). Note the risk asymmetry: NGVT runs 1.9 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.
NGVT vs VXZ: side by side
| NGVT (Ingevity Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.5% | -16.1% |
| 5-year return | -14.1% | -53.1% |
| Volatility (ann.) | 48.8% | 25.6% |
| Beta vs S&P 500 | 1.39 | -1.31 |
| Max drawdown (3Y) | -45.8% | -36.4% |
| Market cap | $2.4B | – |
| P/E (trailing) | 98.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NGVT | VXZ |
|---|---|---|
| 2022 | -1.8% | +0.5% |
| 2023 | -33.0% | -44.0% |
| 2024 | -13.7% | -12.7% |
| 2025 | +45.2% | +5.7% |
| 2026 | +17.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NGVT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between NGVT and VXZ?
The NGVT/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.30, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NGVT?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
A reading of -0.41 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/ngvt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ngvt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NGVT correlations · VXZ correlations
