NIC vs VXX: Correlation
Measured on weekly returns over the past three years, Nicolet Bankshares Inc. (NIC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIC and VXX?
On 3 years of weekly data the NIC/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.38). The 5-year figure is -0.33, and annualized covariance runs at -672.5 %².
Among the 12 assets we track against NIC, VXX sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months NIC outperformed by 73.7 percentage points (+24.0% for NIC against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.1 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.
NIC vs VXX: side by side
| NIC (Nicolet Bankshares Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.0% | -49.7% |
| 5-year return | +131.8% | -95.6% |
| Volatility (ann.) | 29.4% | 60.9% |
| Beta vs S&P 500 | 0.69 | -3.31 |
| Max drawdown (3Y) | -17.9% | -83.3% |
| Market cap | $3.6B | – |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 0.77% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIC | VXX |
|---|---|---|
| 2022 | -7.0% | -23.8% |
| 2023 | +1.9% | -72.5% |
| 2024 | +31.9% | -26.2% |
| 2025 | +16.8% | -42.2% |
| 2026 | +42.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIC and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NIC and VXX?
The NIC/VXX correlation stands at -0.38 on a 3-year window (1 year: -0.18, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NIC?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/nic-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nic-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NIC correlations · VXX correlations
