NNI vs VXZ: Correlation
How closely do Nelnet, Inc. (NNI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNI and VXZ?
Across a 3-year window, the weekly returns of NNI and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.42 over 3 years. Stretching to 5 years gives -0.39, with an annualized covariance of -236.1 %².
VXZ is close to the least connected end of NNI's tracked universe, ranking #17 of 17. Their recent paths diverged sharply: over the last 12 months NNI outperformed by 15.9 percentage points (-0.2% for NNI 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.
NNI vs VXZ: side by side
| NNI (Nelnet, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.2% | -16.1% |
| 5-year return | +67.8% | -53.1% |
| Volatility (ann.) | 22.0% | 25.6% |
| Beta vs S&P 500 | 0.59 | -1.31 |
| Max drawdown (3Y) | -18.5% | -36.4% |
| Market cap | $4.6B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 1.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNI | VXZ |
|---|---|---|
| 2022 | -6.0% | +0.5% |
| 2023 | -1.6% | -44.0% |
| 2024 | +22.4% | -12.7% |
| 2025 | +25.7% | +5.7% |
| 2026 | -3.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNI and VXZ good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NNI and VXZ?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.30 over the last year and -0.39 over 5 years.
Is VXZ a good diversifier for NNI?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 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/nni-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nni-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NNI correlations · VXZ correlations
