NTB vs VXX: Correlation
Bank of N.T. Butterfield & Son Limited (The) Voting (NTB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTB and VXX?
Over the past 3 years, NTB and VXX moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.49). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -699.4 %².
Among the 12 assets we track against NTB, VXX sits near the bottom by co-movement, at rank #11. The last year tells two different stories: NTB led by 83.7 percentage points, +34.0% for NTB against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.6 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.
NTB vs VXX: side by side
| NTB (Bank of N.T. Butterfield & Son Limited (The) Voting) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.0% | -49.7% |
| 5-year return | +125.2% | -95.6% |
| Volatility (ann.) | 23.5% | 60.9% |
| Beta vs S&P 500 | 0.71 | -3.31 |
| Max drawdown (3Y) | -14.7% | -83.3% |
| Market cap | $2.3B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 3.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NTB | VXX |
|---|---|---|
| 2022 | -17.5% | -23.8% |
| 2023 | +14.3% | -72.5% |
| 2024 | +20.2% | -26.2% |
| 2025 | +41.0% | -42.2% |
| 2026 | +21.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTB and VXX good diversifiers for each other?
Yes. With a correlation of -0.49, NTB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NTB and VXX?
As of 2026-08-27, the correlation of weekly returns between NTB and VXX is -0.49 over 3 years, -0.19 over 1 year and -0.42 over 5 years.
Is VXX a good diversifier for NTB?
Yes. With a correlation of -0.49, NTB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
A reading of -0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ntb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ntb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NTB correlations · VXX correlations
