NTRS vs VXZ: Correlation
How closely do Northern Trust (NTRS) 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 -0.63, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRS and VXZ?
Over the past 3 years, NTRS and VXZ moved with a correlation of -0.63, which is 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. Over 5 years the correlation is -0.59, and the annualized covariance of weekly returns is -379.6 %².
Out of 33 assets tracked against NTRS, VXZ lands near the bottom at #33. Their recent paths diverged sharply: over the last 12 months NTRS outperformed by 60.9 percentage points (+44.8% for NTRS 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.
NTRS vs VXZ: side by side
| NTRS (Northern Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +44.8% | -16.1% |
| 5-year return | +83.2% | -53.1% |
| Volatility (ann.) | 23.7% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -25.2% | -36.4% |
| Market cap | $34.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.71% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | NTRS | VXZ |
|---|---|---|
| 2022 | -23.8% | +0.5% |
| 2023 | -1.0% | -44.0% |
| 2024 | +25.6% | -12.7% |
| 2025 | +36.9% | +5.7% |
| 2026 | +37.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTRS and VXZ good diversifiers for each other?
Yes: at -0.63, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NTRS and VXZ?
The NTRS/VXZ correlation stands at -0.63 on a 3-year window (1 year: -0.54, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NTRS?
Yes: at -0.63, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.63 mean?
A reading of -0.63 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/ntrs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ntrs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NTRS correlations · VXZ correlations
