NHS vs VXZ: Correlation
Measured on weekly returns over the past three years, Neuberger High Yield Strategies Fund Inc. (NHS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHS and VXZ?
Across a 3-year window, the weekly returns of NHS and VXZ correlate at -0.41, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -135.1 %².
VXZ is close to the least connected end of NHS's tracked universe, ranking #9 of 10. Over the last 12 months NHS came out ahead by 9.0 percentage points (-7.1% against -16.1%). Risk is not evenly split, since VXZ 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.
NHS vs VXZ: side by side
| NHS (Neuberger High Yield Strategies Fund Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.1% | -16.1% |
| 5-year return | -7.7% | -53.1% |
| Volatility (ann.) | 13.0% | 25.6% |
| Beta vs S&P 500 | 0.41 | -1.31 |
| Max drawdown (3Y) | -17.4% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 18.25% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NHS | VXZ |
|---|---|---|
| 2022 | -23.0% | +0.5% |
| 2023 | +3.7% | -44.0% |
| 2024 | +11.0% | -12.7% |
| 2025 | +14.8% | +5.7% |
| 2026 | -10.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHS 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 NHS and VXZ?
The NHS/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.42, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NHS?
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?
On the −1 to +1 scale, -0.41 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/nhs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nhs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NHS correlations · VXZ correlations
