NRO vs VXX: Correlation
How closely do Neuberger Real Estate Securities Income Fund Inc. (NRO) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRO and VXX?
On 3 years of weekly data the NRO/VXX correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.47) sits close to the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -530.2 %².
Out of 17 assets tracked against NRO, VXX lands near the bottom at #16. Correlation aside, the last 12 months split them widely, with NRO ahead by 52.2 points (+2.5% versus -49.7%). Note the risk asymmetry: VXX runs 3.2 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.
NRO vs VXX: side by side
| NRO (Neuberger Real Estate Securities Income Fund Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.5% | -49.7% |
| 5-year return | +2.7% | -95.6% |
| Volatility (ann.) | 18.9% | 60.9% |
| Beta vs S&P 500 | 0.70 | -3.31 |
| Max drawdown (3Y) | -24.8% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NRO | VXX |
|---|---|---|
| 2022 | -35.1% | -23.8% |
| 2023 | +15.1% | -72.5% |
| 2024 | +23.8% | -26.2% |
| 2025 | +0.8% | -42.2% |
| 2026 | +5.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRO and VXX good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NRO and VXX?
As of 2026-08-27, the correlation of weekly returns between NRO and VXX is -0.46 over 3 years, -0.47 over 1 year and -0.45 over 5 years.
Is VXX a good diversifier for NRO?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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/nro-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nro-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NRO correlations · VXX correlations
