NU vs VXZ: Correlation
Nu Holdings Ltd. Class A (NU) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) 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 NU and VXZ?
Over the past 3 years, NU and VXZ moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.48 lands near the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -490.7 %².
VXZ is close to the least connected end of NU's tracked universe, ranking #9 of 10. The last year tells two different stories: NU led by 17.7 percentage points, +1.6% for NU against -16.1% for VXZ. Note the risk asymmetry: NU runs 1.5 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.
NU vs VXZ: side by side
| NU (Nu Holdings Ltd. Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.6% | -16.1% |
| 5-year return | +44.0% | -53.1% |
| Volatility (ann.) | 39.4% | 25.6% |
| Beta vs S&P 500 | 1.26 | -1.31 |
| Max drawdown (3Y) | -39.6% | -36.4% |
| Market cap | $71.9B | – |
| P/E (trailing) | 20.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NU | VXZ |
|---|---|---|
| 2022 | -56.6% | +0.5% |
| 2023 | +104.7% | -44.0% |
| 2024 | +24.4% | -12.7% |
| 2025 | +61.6% | +5.7% |
| 2026 | -11.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NU and VXZ good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NU and VXZ?
The NU/VXZ correlation stands at -0.49 on a 3-year window (1 year: -0.48, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NU?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/nu-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nu-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NU correlations · VXZ correlations
