NMFC vs VXX: Correlation
Measured on weekly returns over the past three years, New Mountain Finance Corporation (NMFC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMFC and VXX?
Over the past 3 years, NMFC and VXX moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.40 over 3 years. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -485.0 %².
VXX is close to the least connected end of NMFC's tracked universe, ranking #21 of 22. Their recent paths diverged sharply: over the last 12 months NMFC outperformed by 33.6 percentage points (-16.1% for NMFC against -49.7% for VXX). One caveat on sizing: VXX is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NMFC vs VXX: side by side
| NMFC (New Mountain Finance Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.1% | -49.7% |
| 5-year return | +1.4% | -95.6% |
| Volatility (ann.) | 19.7% | 60.9% |
| Beta vs S&P 500 | 0.53 | -3.31 |
| Max drawdown (3Y) | -30.6% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 15.98% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMFC | VXX |
|---|---|---|
| 2022 | -0.6% | -23.8% |
| 2023 | +15.8% | -72.5% |
| 2024 | -0.9% | -26.2% |
| 2025 | -7.2% | -42.2% |
| 2026 | -10.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMFC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between NMFC and VXX?
The NMFC/VXX correlation stands at -0.40 on a 3-year window (1 year: -0.23, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NMFC?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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/nmfc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmfc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NMFC correlations · VXX correlations
