NOW vs VXZ: Correlation
ServiceNow (NOW) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOW and VXZ?
Across a 3-year window, the weekly returns of NOW and VXZ correlate at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.15 versus -0.34 over 3 years. Stretching to 5 years gives -0.39, with an annualized covariance of -377.9 %².
VXZ is close to the least connected end of NOW's tracked universe, ranking #53 of 54. On 12-month performance VXZ holds a 6.0-point edge, -22.1% against -16.1%. One caveat on sizing: NOW is 1.7 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.
NOW vs VXZ: side by side
| NOW (ServiceNow) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -22.1% | -16.1% |
| 5-year return | +7.9% | -53.1% |
| Volatility (ann.) | 43.2% | 25.6% |
| Beta vs S&P 500 | 1.38 | -1.31 |
| Max drawdown (3Y) | -64.5% | -36.4% |
| Market cap | $143.1B | – |
| P/E (trailing) | 78.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | NOW | VXZ |
|---|---|---|
| 2022 | -40.2% | +0.5% |
| 2023 | +82.0% | -44.0% |
| 2024 | +50.1% | -12.7% |
| 2025 | -27.7% | +5.7% |
| 2026 | -9.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOW and VXZ good diversifiers for each other?
Yes. With a correlation of -0.34, NOW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NOW and VXZ?
The NOW/VXZ correlation stands at -0.34 on a 3-year window (1 year: -0.15, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NOW?
Yes. With a correlation of -0.34, NOW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 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/now-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/now-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOW correlations · VXZ correlations
