NOG vs VXX: Correlation
Measured on weekly returns over the past three years, Northern Oil and Gas, Inc. (NOG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and VXX?
On 3 years of weekly data the NOG/VXX correlation comes out at -0.26, 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 -0.26 over 3 years. The 5-year figure is -0.26, and annualized covariance runs at -667.7 %².
VXX is close to the least connected end of NOG's tracked universe, ranking #25 of 26. Correlation aside, the last 12 months split them widely, with NOG ahead by 58.9 points (+9.2% versus -49.7%).
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.
NOG vs VXX: side by side
| NOG (Northern Oil and Gas, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.2% | -49.7% |
| 5-year return | +105.5% | -95.6% |
| Volatility (ann.) | 42.6% | 60.9% |
| Beta vs S&P 500 | 0.55 | -3.31 |
| Max drawdown (3Y) | -55.1% | -83.3% |
| Market cap | $2.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOG | VXX |
|---|---|---|
| 2022 | +54.5% | -23.8% |
| 2023 | +25.5% | -72.5% |
| 2024 | +4.8% | -26.2% |
| 2025 | -38.2% | -42.2% |
| 2026 | +26.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and VXX good diversifiers for each other?
Yes. With a correlation of -0.26, NOG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NOG and VXX?
As of 2026-08-27, the correlation of weekly returns between NOG and VXX is -0.26 over 3 years, 0.16 over 1 year and -0.26 over 5 years.
Is VXX a good diversifier for NOG?
Yes. With a correlation of -0.26, NOG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/nog-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nog-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NOG correlations · VXX correlations
