NSC vs VXX: Correlation
Measured on weekly returns over the past three years, Norfolk Southern (NSC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NSC and VXX?
Over the past 3 years, NSC and VXX moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.01) runs above the 3-year figure (-0.35). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -466.2 %².
Out of 32 assets tracked against NSC, VXX lands near the bottom at #31. Their recent paths diverged sharply: over the last 12 months NSC outperformed by 79.7 percentage points (+30.0% for NSC against -49.7% for VXX). One caveat on sizing: VXX is 2.8 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.
NSC vs VXX: side by side
| NSC (Norfolk Southern) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.0% | -49.7% |
| 5-year return | +49.6% | -95.6% |
| Volatility (ann.) | 22.0% | 60.9% |
| Beta vs S&P 500 | 0.69 | -3.31 |
| Max drawdown (3Y) | -25.1% | -83.3% |
| Market cap | $78.1B | – |
| P/E (trailing) | 30.1 | – |
| Dividend yield | 1.53% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | NSC | VXX |
|---|---|---|
| 2022 | -15.6% | -23.8% |
| 2023 | -1.6% | -72.5% |
| 2024 | +1.6% | -26.2% |
| 2025 | +25.6% | -42.2% |
| 2026 | +22.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NSC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between NSC and VXX?
As of 2026-08-27, the correlation of weekly returns between NSC and VXX is -0.35 over 3 years, -0.01 over 1 year and -0.32 over 5 years.
Is VXX a good diversifier for NSC?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/nsc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nsc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NSC correlations · VXX correlations
