NRGV vs VXZ: Correlation
Measured on weekly returns over the past three years, Energy Vault Holdings, Inc. (NRGV) 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 NRGV and VXZ?
On 3 years of weekly data the NRGV/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.27). The 5-year figure is -0.25, and annualized covariance runs at -724.6 %².
VXZ is close to the least connected end of NRGV's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months NRGV outperformed by 144.8 percentage points (+128.7% for NRGV against -16.1% for VXZ). Note the risk asymmetry: NRGV runs 4.1 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.
NRGV vs VXZ: side by side
| NRGV (Energy Vault Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +128.7% | -16.1% |
| 5-year return | -61.1% | -53.1% |
| Volatility (ann.) | 104.9% | 25.6% |
| Beta vs S&P 500 | 2.23 | -1.31 |
| Max drawdown (3Y) | -80.7% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NRGV | VXZ |
|---|---|---|
| 2022 | -68.5% | +0.5% |
| 2023 | -25.3% | -44.0% |
| 2024 | -2.1% | -12.7% |
| 2025 | +102.2% | +5.7% |
| 2026 | -18.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRGV and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NRGV and VXZ?
As of 2026-08-27, the correlation of weekly returns between NRGV and VXZ is -0.27 over 3 years, -0.08 over 1 year and -0.25 over 5 years.
Is VXZ a good diversifier for NRGV?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/nrgv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nrgv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NRGV correlations · VXZ correlations
