NHS vs VXX: Correlation
How closely do Neuberger High Yield Strategies Fund Inc. (NHS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHS and VXX?
Over the past 3 years, NHS and VXX moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.42) sits close to the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -336.6 %².
Out of 10 assets tracked against NHS, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months NHS outperformed by 42.6 percentage points (-7.1% for NHS against -49.7% for VXX). Note the risk asymmetry: VXX runs 4.7 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.
NHS vs VXX: side by side
| NHS (Neuberger High Yield Strategies Fund Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.1% | -49.7% |
| 5-year return | -7.7% | -95.6% |
| Volatility (ann.) | 13.0% | 60.9% |
| Beta vs S&P 500 | 0.41 | -3.31 |
| Max drawdown (3Y) | -17.4% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 18.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NHS | VXX |
|---|---|---|
| 2022 | -23.0% | -23.8% |
| 2023 | +3.7% | -72.5% |
| 2024 | +11.0% | -26.2% |
| 2025 | +14.8% | -42.2% |
| 2026 | -10.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHS and VXX good diversifiers for each other?
Yes. With a correlation of -0.43, NHS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NHS and VXX?
As of 2026-08-27, the correlation of weekly returns between NHS and VXX is -0.43 over 3 years, -0.42 over 1 year and -0.39 over 5 years.
Is VXX a good diversifier for NHS?
Yes. With a correlation of -0.43, NHS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 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/nhs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nhs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NHS correlations · VXX correlations
