NPKI vs VXZ: Correlation
How closely do NPK International Inc. (NPKI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPKI and VXZ?
Across a 3-year window, the weekly returns of NPKI and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.36). Stretching to 5 years gives -0.26, with an annualized covariance of -376.8 %².
Out of 15 assets tracked against NPKI, VXZ lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months NPKI outperformed by 47.7 percentage points (+31.6% for NPKI against -16.1% for VXZ). One caveat on sizing: NPKI is 1.6 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.
NPKI vs VXZ: side by side
| NPKI (NPK International Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.6% | -16.1% |
| 5-year return | +429.3% | -53.1% |
| Volatility (ann.) | 41.0% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -42.1% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 28.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NPKI | VXZ |
|---|---|---|
| 2022 | +41.2% | +0.5% |
| 2023 | +60.0% | -44.0% |
| 2024 | +15.5% | -12.7% |
| 2025 | +55.4% | +5.7% |
| 2026 | +13.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPKI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between NPKI and VXZ?
The NPKI/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.19, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NPKI?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/npki-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/npki-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NPKI correlations · VXZ correlations
