NOA vs VXZ: Correlation
Measured on weekly returns over the past three years, North American Construction Group Ltd. (NOA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) 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 VXZ?
Across a 3-year window, the weekly returns of NOA and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.29 over 3 years. Stretching to 5 years gives -0.34, with an annualized covariance of -277.7 %².
Among the 12 assets we track against NOA, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: NOA led by 18.1 percentage points, +2.0% for NOA 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.
NOA vs VXZ: side by side
| NOA (North American Construction Group Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.0% | -16.1% |
| 5-year return | +2.6% | -53.1% |
| Volatility (ann.) | 37.5% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -51.3% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 3.61% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOA | VXZ |
|---|---|---|
| 2022 | -9.8% | +0.5% |
| 2023 | +58.3% | -44.0% |
| 2024 | +5.2% | -12.7% |
| 2025 | -32.8% | +5.7% |
| 2026 | -4.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, NOA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NOA and VXZ?
The NOA/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.17, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NOA?
Yes. With a correlation of -0.29, NOA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 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/noa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/noa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOA correlations · VXZ correlations
