NTB vs VXZ: Correlation
How closely do Bank of N.T. Butterfield & Son Limited (The) Voting (NTB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTB and VXZ?
Over the past 3 years, NTB and VXZ moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.50). Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -302.3 %².
Among the 12 assets we track against NTB, VXZ sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with NTB ahead by 50.1 points (+34.0% versus -16.1%).
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 VXZ: side by side
| NTB (Bank of N.T. Butterfield & Son Limited (The) Voting) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.0% | -16.1% |
| 5-year return | +125.2% | -53.1% |
| Volatility (ann.) | 23.5% | 25.6% |
| Beta vs S&P 500 | 0.71 | -1.31 |
| Max drawdown (3Y) | -14.7% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 3.39% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NTB | VXZ |
|---|---|---|
| 2022 | -17.5% | +0.5% |
| 2023 | +14.3% | -44.0% |
| 2024 | +20.2% | -12.7% |
| 2025 | +41.0% | +5.7% |
| 2026 | +21.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTB and VXZ good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NTB and VXZ?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.19 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for NTB?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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/ntb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ntb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NTB correlations · VXZ correlations
