NUE vs VXZ: Correlation
Measured on weekly returns over the past three years, Nucor (NUE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and VXZ?
Across a 3-year window, the weekly returns of NUE and VXZ correlate at -0.37, 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 (-0.37). Stretching to 5 years gives -0.41, with an annualized covariance of -316.0 %².
Out of 34 assets tracked against NUE, VXZ lands near the bottom at #33. The last year tells two different stories: NUE led by 86.2 percentage points, +70.1% for NUE 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.
NUE vs VXZ: side by side
| NUE (Nucor) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +70.1% | -16.1% |
| 5-year return | +124.6% | -53.1% |
| Volatility (ann.) | 33.3% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -47.8% | -36.4% |
| Market cap | $57.3B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 0.88% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NUE | VXZ |
|---|---|---|
| 2022 | +17.4% | +0.5% |
| 2023 | +33.8% | -44.0% |
| 2024 | -32.0% | -12.7% |
| 2025 | +42.0% | +5.7% |
| 2026 | +55.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between NUE and VXZ?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.19 over the last year and -0.41 over 5 years.
Is VXZ a good diversifier for NUE?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/nue-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nue-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NUE correlations · VXZ correlations
