NVGS vs VXZ: Correlation
How closely do Navigator Holdings Ltd. (NVGS) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVGS and VXZ?
Across a 3-year window, the weekly returns of NVGS and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.04 versus -0.26 over 3 years. Stretching to 5 years gives -0.24, with an annualized covariance of -189.4 %².
VXZ is close to the least connected end of NVGS's tracked universe, ranking #13 of 15. Their recent paths diverged sharply: over the last 12 months NVGS outperformed by 53.6 percentage points (+37.5% for NVGS 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.
NVGS vs VXZ: side by side
| NVGS (Navigator Holdings Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.5% | -16.1% |
| 5-year return | +159.5% | -53.1% |
| Volatility (ann.) | 28.8% | 25.6% |
| Beta vs S&P 500 | 0.68 | -1.31 |
| Max drawdown (3Y) | -38.9% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 1.30% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVGS | VXZ |
|---|---|---|
| 2022 | +34.8% | +0.5% |
| 2023 | +22.5% | -44.0% |
| 2024 | +6.8% | -12.7% |
| 2025 | +14.4% | +5.7% |
| 2026 | +28.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVGS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, NVGS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NVGS and VXZ?
As of 2026-08-27, the correlation of weekly returns between NVGS and VXZ is -0.26 over 3 years, 0.04 over 1 year and -0.24 over 5 years.
Is VXZ a good diversifier for NVGS?
Yes. With a correlation of -0.26, NVGS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/nvgs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvgs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVGS correlations · VXZ correlations
