NI vs VXZ: Correlation
NiSource (NI) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and VXZ?
Across a 3-year window, the weekly returns of NI and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.27 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -122.3 %².
Out of 38 assets tracked against NI, VXZ lands near the bottom at #38. The last year tells two different stories: NI led by 15.2 percentage points, -0.9% for NI against -16.1% for VXZ.
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.
NI vs VXZ: side by side
| NI (NiSource) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.9% | -16.1% |
| 5-year return | +94.6% | -53.1% |
| Volatility (ann.) | 17.8% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -16.7% | -36.4% |
| Market cap | $19.6B | – |
| P/E (trailing) | 21.9 | – |
| Dividend yield | 1.41% | – |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | NI | VXZ |
|---|---|---|
| 2022 | +2.7% | +0.5% |
| 2023 | +0.5% | -44.0% |
| 2024 | +43.5% | -12.7% |
| 2025 | +16.8% | +5.7% |
| 2026 | +0.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NI and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.10 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for NI?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 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/ni-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ni-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NI correlations · VXZ correlations
