NKSH vs VXX: Correlation
Measured on weekly returns over the past three years, National Bankshares, Inc. (NKSH) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKSH and VXX?
Across a 3-year window, the weekly returns of NKSH and VXX correlate at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.37). Stretching to 5 years gives -0.29, with an annualized covariance of -763.4 %².
Among the 13 assets we track against NKSH, VXX sits near the bottom by co-movement, at rank #12. The last year tells two different stories: NKSH led by 86.3 percentage points, +36.6% for NKSH against -49.7% for VXX. Risk is not evenly split, since VXX carries 1.8 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.
NKSH vs VXX: side by side
| NKSH (National Bankshares, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.6% | -49.7% |
| 5-year return | +44.9% | -95.6% |
| Volatility (ann.) | 33.9% | 60.9% |
| Beta vs S&P 500 | 0.73 | -3.31 |
| Max drawdown (3Y) | -31.0% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 3.75% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NKSH | VXX |
|---|---|---|
| 2022 | +17.2% | -23.8% |
| 2023 | -13.1% | -72.5% |
| 2024 | -6.8% | -26.2% |
| 2025 | +23.3% | -42.2% |
| 2026 | +24.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NKSH and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between NKSH and VXX?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.20 over the last year and -0.29 over 5 years.
Is VXX a good diversifier for NKSH?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/nksh-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nksh-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NKSH correlations · VXX correlations
