NIC vs VXZ: Correlation
How closely do Nicolet Bankshares Inc. (NIC) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIC and VXZ?
On 3 years of weekly data the NIC/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. The 5-year figure is -0.37, and annualized covariance runs at -292.1 %².
Out of 12 assets tracked against NIC, VXZ lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months NIC outperformed by 40.1 percentage points (+24.0% for NIC 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.
NIC vs VXZ: side by side
| NIC (Nicolet Bankshares Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.0% | -16.1% |
| 5-year return | +131.8% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 0.69 | -1.31 |
| Max drawdown (3Y) | -17.9% | -36.4% |
| Market cap | $3.6B | – |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 0.77% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIC | VXZ |
|---|---|---|
| 2022 | -7.0% | +0.5% |
| 2023 | +1.9% | -44.0% |
| 2024 | +31.9% | -12.7% |
| 2025 | +16.8% | +5.7% |
| 2026 | +42.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between NIC and VXZ?
As of 2026-08-27, the correlation of weekly returns between NIC and VXZ is -0.39 over 3 years, -0.35 over 1 year and -0.37 over 5 years.
Is VXZ a good diversifier for NIC?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 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/nic-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nic-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NIC correlations · VXZ correlations
