NVRI vs VXZ: Correlation
Enviri Corporation (NVRI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVRI and VXZ?
Over the past 3 years, NVRI and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.33). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -421.3 %².
Out of 11 assets tracked against NVRI, VXZ lands near the bottom at #11. The last year tells two different stories: NVRI led by 114.1 percentage points, +98.0% for NVRI against -16.1% for VXZ. One caveat on sizing: NVRI is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NVRI vs VXZ: side by side
| NVRI (Enviri Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +98.0% | -16.1% |
| 5-year return | +22.4% | -53.1% |
| Volatility (ann.) | 49.8% | 25.6% |
| Beta vs S&P 500 | 1.20 | -1.31 |
| Max drawdown (3Y) | -60.7% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVRI | VXZ |
|---|---|---|
| 2022 | -62.4% | +0.5% |
| 2023 | +43.1% | -44.0% |
| 2024 | -14.4% | -12.7% |
| 2025 | +132.7% | +5.7% |
| 2026 | +25.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVRI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between NVRI and VXZ?
The NVRI/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.07, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NVRI?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/nvri-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvri-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVRI correlations · VXZ correlations
