NTRS vs VXX: Correlation
Northern Trust (NTRS) 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 -0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRS and VXX?
Across a 3-year window, the weekly returns of NTRS and VXX correlate at -0.61, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.49) than the 3-year average (-0.61). Stretching to 5 years gives -0.55, with an annualized covariance of -883.1 %².
Among the 33 assets we track against NTRS, VXX sits near the bottom by co-movement, at rank #32. Their recent paths diverged sharply: over the last 12 months NTRS outperformed by 94.5 percentage points (+44.8% for NTRS against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.6 times the volatility of the other side.
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.
NTRS vs VXX: side by side
| NTRS (Northern Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +44.8% | -49.7% |
| 5-year return | +83.2% | -95.6% |
| Volatility (ann.) | 23.7% | 60.9% |
| Beta vs S&P 500 | 1.08 | -3.31 |
| Max drawdown (3Y) | -25.2% | -83.3% |
| Market cap | $34.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.71% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | NTRS | VXX |
|---|---|---|
| 2022 | -23.8% | -23.8% |
| 2023 | -1.0% | -72.5% |
| 2024 | +25.6% | -26.2% |
| 2025 | +36.9% | -42.2% |
| 2026 | +37.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTRS and VXX good diversifiers for each other?
Yes. With a correlation of -0.61, NTRS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NTRS and VXX?
Using weekly returns as of 2026-08-27: -0.61 over 3 years, with -0.49 over the last year and -0.55 over 5 years.
Is VXX a good diversifier for NTRS?
Yes. With a correlation of -0.61, NTRS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.61 mean?
On the −1 to +1 scale, -0.61 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/ntrs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ntrs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NTRS correlations · VXX correlations
