NOG vs VXZ: Correlation
Measured on weekly returns over the past three years, Northern Oil and Gas, Inc. (NOG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and VXZ?
Across a 3-year window, the weekly returns of NOG and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.16) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.28, with an annualized covariance of -289.4 %².
VXZ is close to the least connected end of NOG's tracked universe, ranking #26 of 26. Correlation aside, the last 12 months split them widely, with NOG ahead by 25.3 points (+9.2% versus -16.1%). Risk is not evenly split, since NOG carries 1.7 times the volatility of the other side.
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 VXZ: side by side
| NOG (Northern Oil and Gas, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.2% | -16.1% |
| 5-year return | +105.5% | -53.1% |
| Volatility (ann.) | 42.6% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -55.1% | -36.4% |
| Market cap | $2.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.92% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOG | VXZ |
|---|---|---|
| 2022 | +54.5% | +0.5% |
| 2023 | +25.5% | -44.0% |
| 2024 | +4.8% | -12.7% |
| 2025 | -38.2% | +5.7% |
| 2026 | +26.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, NOG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NOG and VXZ?
The NOG/VXZ correlation stands at -0.27 on a 3-year window (1 year: 0.16, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NOG?
Yes. With a correlation of -0.27, NOG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/nog-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nog-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOG correlations · VXZ correlations
