NVGS vs VXX: Correlation
How closely do Navigator Holdings Ltd. (NVGS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVGS and VXX?
Across a 3-year window, the weekly returns of NVGS and VXX correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.29). Stretching to 5 years gives -0.27, with an annualized covariance of -503.9 %².
VXX is close to the least connected end of NVGS's tracked universe, ranking #14 of 15. Correlation aside, the last 12 months split them widely, with NVGS ahead by 87.2 points (+37.5% versus -49.7%). Note the risk asymmetry: VXX runs 2.1 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.
NVGS vs VXX: side by side
| NVGS (Navigator Holdings Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.5% | -49.7% |
| 5-year return | +159.5% | -95.6% |
| Volatility (ann.) | 28.8% | 60.9% |
| Beta vs S&P 500 | 0.68 | -3.31 |
| Max drawdown (3Y) | -38.9% | -83.3% |
| Market cap | $1.4B | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 1.30% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVGS | VXX |
|---|---|---|
| 2022 | +34.8% | -23.8% |
| 2023 | +22.5% | -72.5% |
| 2024 | +6.8% | -26.2% |
| 2025 | +14.4% | -42.2% |
| 2026 | +28.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVGS and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between NVGS and VXX?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.04 over the last year and -0.27 over 5 years.
Is VXX a good diversifier for NVGS?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
A reading of -0.29 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/nvgs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvgs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NVGS correlations · VXX correlations
