NML vs VXZ: Correlation
Neuberger Energy Infrastructure and Income Fund Inc. (NML) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NML and VXZ?
Over the past 3 years, NML and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.17) than the 3-year average (-0.34). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -182.8 %².
Out of 26 assets tracked against NML, VXZ lands near the bottom at #26. Their recent paths diverged sharply: over the last 12 months NML outperformed by 46.8 percentage points (+30.7% for NML 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.
NML vs VXZ: side by side
| NML (Neuberger Energy Infrastructure and Income Fund Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.7% | -16.1% |
| 5-year return | +220.1% | -53.1% |
| Volatility (ann.) | 21.3% | 25.6% |
| Beta vs S&P 500 | 0.35 | -1.31 |
| Max drawdown (3Y) | -16.9% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NML | VXZ |
|---|---|---|
| 2022 | +32.8% | +0.5% |
| 2023 | +14.5% | -44.0% |
| 2024 | +40.5% | -12.7% |
| 2025 | +4.3% | +5.7% |
| 2026 | +29.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NML and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between NML and VXZ?
As of 2026-08-27, the correlation of weekly returns between NML and VXZ is -0.34 over 3 years, 0.17 over 1 year and -0.38 over 5 years.
Is VXZ a good diversifier for NML?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/nml-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nml-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NML correlations · VXZ correlations
