NNBR vs VXZ: Correlation
Measured on weekly returns over the past three years, NN, Inc. (NNBR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNBR and VXZ?
On 3 years of weekly data the NNBR/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.26) runs above the 3-year figure (-0.38). The 5-year figure is -0.36, and annualized covariance runs at -741.5 %².
VXZ is close to the least connected end of NNBR's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months NNBR outperformed by 56.1 percentage points (+40.0% for NNBR against -16.1% for VXZ). Risk is not evenly split, since NNBR carries 3.0 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.
NNBR vs VXZ: side by side
| NNBR (NN, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +40.0% | -16.1% |
| 5-year return | -34.0% | -53.1% |
| Volatility (ann.) | 76.0% | 25.6% |
| Beta vs S&P 500 | 2.49 | -1.31 |
| Max drawdown (3Y) | -77.8% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNBR | VXZ |
|---|---|---|
| 2022 | -63.4% | +0.5% |
| 2023 | +166.7% | -44.0% |
| 2024 | -18.3% | -12.7% |
| 2025 | -60.9% | +5.7% |
| 2026 | +178.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNBR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, NNBR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NNBR and VXZ?
The NNBR/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.26, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NNBR?
Yes. With a correlation of -0.38, NNBR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 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/nnbr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nnbr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NNBR correlations · VXZ correlations
