NNI vs VXX: Correlation
Measured on weekly returns over the past three years, Nelnet, Inc. (NNI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) 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 NNI and VXX?
On 3 years of weekly data the NNI/VXX correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.16 versus -0.39 over 3 years. The 5-year figure is -0.37, and annualized covariance runs at -515.7 %².
Among the 17 assets we track against NNI, VXX sits near the bottom by co-movement, at rank #16. The last year tells two different stories: NNI led by 49.5 percentage points, -0.2% for NNI against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NNI vs VXX: side by side
| NNI (Nelnet, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.2% | -49.7% |
| 5-year return | +67.8% | -95.6% |
| Volatility (ann.) | 22.0% | 60.9% |
| Beta vs S&P 500 | 0.59 | -3.31 |
| Max drawdown (3Y) | -18.5% | -83.3% |
| Market cap | $4.6B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 1.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNI | VXX |
|---|---|---|
| 2022 | -6.0% | -23.8% |
| 2023 | -1.6% | -72.5% |
| 2024 | +22.4% | -26.2% |
| 2025 | +25.7% | -42.2% |
| 2026 | -3.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNI and VXX 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 NNI and VXX?
As of 2026-08-27, the correlation of weekly returns between NNI and VXX is -0.39 over 3 years, -0.16 over 1 year and -0.37 over 5 years.
Is VXX a good diversifier for NNI?
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?
On the −1 to +1 scale, -0.39 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nni-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nni-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NNI correlations · VXX correlations
