NMFC vs VXZ: Correlation
Measured on weekly returns over the past three years, New Mountain Finance Corporation (NMFC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMFC and VXZ?
On 3 years of weekly data the NMFC/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.29 versus -0.41 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -208.3 %².
Out of 22 assets tracked against NMFC, VXZ lands near the bottom at #22. Twelve-month performance is nearly a tie, at -16.1% for NMFC and -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.
NMFC vs VXZ: side by side
| NMFC (New Mountain Finance Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.1% | -16.1% |
| 5-year return | +1.4% | -53.1% |
| Volatility (ann.) | 19.7% | 25.6% |
| Beta vs S&P 500 | 0.53 | -1.31 |
| Max drawdown (3Y) | -30.6% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 15.98% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMFC | VXZ |
|---|---|---|
| 2022 | -0.6% | +0.5% |
| 2023 | +15.8% | -44.0% |
| 2024 | -0.9% | -12.7% |
| 2025 | -7.2% | +5.7% |
| 2026 | -10.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMFC and VXZ good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NMFC and VXZ?
The NMFC/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.29, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NMFC?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
A reading of -0.41 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/nmfc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmfc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMFC correlations · VXZ correlations
