NWE vs VXZ: Correlation
Measured on weekly returns over the past three years, NorthWestern Energy Group, Inc. (NWE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWE and VXZ?
Over the past 3 years, NWE and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -128.4 %².
VXZ is close to the least connected end of NWE's tracked universe, ranking #13 of 13. Correlation aside, the last 12 months split them widely, with NWE ahead by 44.6 points (+28.5% versus -16.1%).
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.
NWE vs VXZ: side by side
| NWE (NorthWestern Energy Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.5% | -16.1% |
| 5-year return | +41.5% | -53.1% |
| Volatility (ann.) | 20.9% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -13.6% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | 25.6 | – |
| Dividend yield | 3.72% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWE | VXZ |
|---|---|---|
| 2022 | +8.5% | +0.5% |
| 2023 | -10.1% | -44.0% |
| 2024 | +10.5% | -12.7% |
| 2025 | +26.4% | +5.7% |
| 2026 | +13.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between NWE and VXZ?
As of 2026-08-27, the correlation of weekly returns between NWE and VXZ is -0.24 over 3 years, -0.20 over 1 year and -0.25 over 5 years.
Is VXZ a good diversifier for NWE?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nwe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nwe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWE correlations · VXZ correlations
