NOV vs VXZ: Correlation
NOV Inc. (NOV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOV and VXZ?
On 3 years of weekly data the NOV/VXZ correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.30). The 5-year figure is -0.31, and annualized covariance runs at -273.2 %².
VXZ is close to the least connected end of NOV's tracked universe, ranking #26 of 27. Their recent paths diverged sharply: over the last 12 months NOV outperformed by 78.3 percentage points (+62.2% for NOV 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.
NOV vs VXZ: side by side
| NOV (NOV Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +62.2% | -16.1% |
| 5-year return | +71.8% | -53.1% |
| Volatility (ann.) | 35.6% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -47.2% | -36.4% |
| Market cap | $7.4B | – |
| P/E (trailing) | 74.1 | – |
| Dividend yield | 1.63% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOV | VXZ |
|---|---|---|
| 2022 | +55.7% | +0.5% |
| 2023 | -1.8% | -44.0% |
| 2024 | -26.8% | -12.7% |
| 2025 | +11.3% | +5.7% |
| 2026 | +34.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOV and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NOV and VXZ?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.05 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for NOV?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/nov-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nov-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOV correlations · VXZ correlations
