NHI vs VXZ: Correlation
How closely do National Health Investors, Inc. (NHI) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHI and VXZ?
On 3 years of weekly data the NHI/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.26). The 5-year figure is -0.30, and annualized covariance runs at -138.2 %².
VXZ is close to the least connected end of NHI's tracked universe, ranking #12 of 13. The trailing year gives NHI the advantage: -2.2% versus -16.1%, a 13.9-point spread.
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.
NHI vs VXZ: side by side
| NHI (National Health Investors, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.2% | -16.1% |
| 5-year return | +63.1% | -53.1% |
| Volatility (ann.) | 20.8% | 25.6% |
| Beta vs S&P 500 | 0.22 | -1.31 |
| Max drawdown (3Y) | -24.1% | -36.4% |
| Market cap | $3.6B | – |
| P/E (trailing) | 21.2 | – |
| Dividend yield | 5.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NHI | VXZ |
|---|---|---|
| 2022 | -3.3% | +0.5% |
| 2023 | +14.6% | -44.0% |
| 2024 | +30.7% | -12.7% |
| 2025 | +15.7% | +5.7% |
| 2026 | -2.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, NHI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NHI and VXZ?
The NHI/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.13, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NHI?
Yes. With a correlation of -0.26, NHI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/nhi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nhi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NHI correlations · VXZ correlations
