NKSH vs VXZ: Correlation
Measured on weekly returns over the past three years, National Bankshares, Inc. (NKSH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKSH and VXZ?
Over the past 3 years, NKSH and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.28) than the 3-year average (-0.39). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -341.8 %².
VXZ is close to the least connected end of NKSH's tracked universe, ranking #13 of 13. Correlation aside, the last 12 months split them widely, with NKSH ahead by 52.7 points (+36.6% versus -16.1%).
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 VXZ: side by side
| NKSH (National Bankshares, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.6% | -16.1% |
| 5-year return | +44.9% | -53.1% |
| Volatility (ann.) | 33.9% | 25.6% |
| Beta vs S&P 500 | 0.73 | -1.31 |
| Max drawdown (3Y) | -31.0% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 3.75% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NKSH | VXZ |
|---|---|---|
| 2022 | +17.2% | +0.5% |
| 2023 | -13.1% | -44.0% |
| 2024 | -6.8% | -12.7% |
| 2025 | +23.3% | +5.7% |
| 2026 | +24.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NKSH and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NKSH and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.28 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for NKSH?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 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/nksh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nksh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NKSH correlations · VXZ correlations
