NOA vs VXX: Correlation
Measured on weekly returns over the past three years, North American Construction Group Ltd. (NOA) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOA and VXX?
Over the past 3 years, NOA and VXX moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.29). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -672.3 %².
Among the 12 assets we track against NOA, VXX sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with NOA ahead by 51.7 points (+2.0% versus -49.7%). One caveat on sizing: VXX is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NOA vs VXX: side by side
| NOA (North American Construction Group Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.0% | -49.7% |
| 5-year return | +2.6% | -95.6% |
| Volatility (ann.) | 37.5% | 60.9% |
| Beta vs S&P 500 | 0.84 | -3.31 |
| Max drawdown (3Y) | -51.3% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 3.61% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOA | VXX |
|---|---|---|
| 2022 | -9.8% | -23.8% |
| 2023 | +58.3% | -72.5% |
| 2024 | +5.2% | -26.2% |
| 2025 | -32.8% | -42.2% |
| 2026 | -4.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOA and VXX good diversifiers for each other?
Yes. With a correlation of -0.29, NOA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NOA and VXX?
The NOA/VXX correlation stands at -0.29 on a 3-year window (1 year: -0.13, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NOA?
Yes. With a correlation of -0.29, NOA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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/noa-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/noa-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NOA correlations · VXX correlations
