NREF vs VXX: Correlation
How closely do NexPoint Real Estate Finance, Inc. (NREF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NREF and VXX?
On 3 years of weekly data the NREF/VXX correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.42). The 5-year figure is -0.38, and annualized covariance runs at -723.5 %².
VXX is close to the least connected end of NREF's tracked universe, ranking #11 of 12. The last year tells two different stories: NREF led by 81.7 percentage points, +32.0% for NREF against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NREF vs VXX: side by side
| NREF (NexPoint Real Estate Finance, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.0% | -49.7% |
| 5-year return | +54.2% | -95.6% |
| Volatility (ann.) | 28.5% | 60.9% |
| Beta vs S&P 500 | 0.63 | -3.31 |
| Max drawdown (3Y) | -24.0% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 11.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NREF | VXX |
|---|---|---|
| 2022 | -8.9% | -23.8% |
| 2023 | +17.4% | -72.5% |
| 2024 | +13.5% | -26.2% |
| 2025 | +2.3% | -42.2% |
| 2026 | +32.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NREF and VXX good diversifiers for each other?
Yes. With a correlation of -0.42, NREF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NREF and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.15 over the last year and -0.38 over 5 years.
Is VXX a good diversifier for NREF?
Yes. With a correlation of -0.42, NREF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nref-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nref-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NREF correlations · VXX correlations
