NUTX vs VXZ: Correlation
How closely do Nutex Health Inc. (NUTX) 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 -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUTX and VXZ?
Over the past 3 years, NUTX and VXZ moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -676.8 %².
Among the 10 assets we track against NUTX, VXZ sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months NUTX outperformed by 132.1 percentage points (+116.0% for NUTX against -16.1% for VXZ). Note the risk asymmetry: NUTX runs 4.7 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.
NUTX vs VXZ: side by side
| NUTX (Nutex Health Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +116.0% | -16.1% |
| 5-year return | -96.8% | -53.1% |
| Volatility (ann.) | 120.6% | 25.6% |
| Beta vs S&P 500 | 2.13 | -1.31 |
| Max drawdown (3Y) | -90.7% | -36.4% |
| Market cap | $1.3B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUTX | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | -90.5% | -44.0% |
| 2024 | +17.4% | -12.7% |
| 2025 | +419.5% | +5.7% |
| 2026 | +17.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUTX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.22, NUTX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NUTX and VXZ?
As of 2026-08-27, the correlation of weekly returns between NUTX and VXZ is -0.22 over 3 years, -0.29 over 1 year and -0.16 over 5 years.
Is VXZ a good diversifier for NUTX?
Yes. With a correlation of -0.22, NUTX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/nutx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nutx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NUTX correlations · VXZ correlations
