NRO vs VXZ: Correlation
Measured on weekly returns over the past three years, Neuberger Real Estate Securities Income Fund Inc. (NRO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRO and VXZ?
On 3 years of weekly data the NRO/VXZ correlation comes out at -0.51, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.54) sits close to the 3-year figure. The 5-year figure is -0.53, and annualized covariance runs at -246.4 %².
VXZ is close to the least connected end of NRO's tracked universe, ranking #17 of 17. The last year tells two different stories: NRO led by 18.6 percentage points, +2.5% for NRO against -16.1% for VXZ.
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 VXZ: side by side
| NRO (Neuberger Real Estate Securities Income Fund Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.5% | -16.1% |
| 5-year return | +2.7% | -53.1% |
| Volatility (ann.) | 18.9% | 25.6% |
| Beta vs S&P 500 | 0.70 | -1.31 |
| Max drawdown (3Y) | -24.8% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NRO | VXZ |
|---|---|---|
| 2022 | -35.1% | +0.5% |
| 2023 | +15.1% | -44.0% |
| 2024 | +23.8% | -12.7% |
| 2025 | +0.8% | +5.7% |
| 2026 | +5.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRO and VXZ good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NRO and VXZ?
As of 2026-08-27, the correlation of weekly returns between NRO and VXZ is -0.51 over 3 years, -0.54 over 1 year and -0.53 over 5 years.
Is VXZ a good diversifier for NRO?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nro-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NRO correlations · VXZ correlations
