NHC vs VXZ: Correlation
National HealthCare Corporation (NHC) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHC and VXZ?
On 3 years of weekly data the NHC/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.36 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -274.2 %².
Out of 11 assets tracked against NHC, VXZ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with NHC ahead by 118.0 points (+101.9% versus -16.1%).
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.
NHC vs VXZ: side by side
| NHC (National HealthCare Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +101.9% | -16.1% |
| 5-year return | +243.9% | -53.1% |
| Volatility (ann.) | 29.9% | 25.6% |
| Beta vs S&P 500 | 0.50 | -1.31 |
| Max drawdown (3Y) | -33.4% | -36.4% |
| Market cap | $3.5B | – |
| P/E (trailing) | 25.0 | – |
| Dividend yield | 1.15% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NHC | VXZ |
|---|---|---|
| 2022 | -9.4% | +0.5% |
| 2023 | +60.8% | -44.0% |
| 2024 | +19.0% | -12.7% |
| 2025 | +30.3% | +5.7% |
| 2026 | +63.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, NHC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NHC and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.05 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for NHC?
Yes. With a correlation of -0.36, NHC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nhc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nhc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NHC correlations · VXZ correlations
