NVMI vs VXX: Correlation
How closely do Nova Ltd. (NVMI) 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 -0.47, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVMI and VXX?
Over the past 3 years, NVMI and VXX moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -1493.7 %².
VXX is close to the least connected end of NVMI's tracked universe, ranking #11 of 12. Their recent paths diverged sharply: over the last 12 months NVMI outperformed by 90.4 percentage points (+40.7% for NVMI against -49.7% for VXX).
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.
NVMI vs VXX: side by side
| NVMI (Nova Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +40.7% | -49.7% |
| 5-year return | +266.1% | -95.6% |
| Volatility (ann.) | 51.8% | 60.9% |
| Beta vs S&P 500 | 1.93 | -3.31 |
| Max drawdown (3Y) | -40.8% | -83.3% |
| Market cap | $11.8B | – |
| P/E (trailing) | 45.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVMI | VXX |
|---|---|---|
| 2022 | -44.2% | -23.8% |
| 2023 | +68.2% | -72.5% |
| 2024 | +43.4% | -26.2% |
| 2025 | +66.7% | -42.2% |
| 2026 | +12.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVMI and VXX good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NVMI and VXX?
The NVMI/VXX correlation stands at -0.47 on a 3-year window (1 year: -0.37, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NVMI?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
A reading of -0.47 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/nvmi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvmi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NVMI correlations · VXX correlations
