NWFL vs VXZ: Correlation
Norwood Financial Corp. (NWFL) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWFL and VXZ?
Over the past 3 years, NWFL and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.22 versus -0.35 over 3 years. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -281.7 %².
Out of 13 assets tracked against NWFL, VXZ lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months NWFL outperformed by 50.4 percentage points (+34.3% for NWFL 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.
NWFL vs VXZ: side by side
| NWFL (Norwood Financial Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.3% | -16.1% |
| 5-year return | +65.8% | -53.1% |
| Volatility (ann.) | 31.4% | 25.6% |
| Beta vs S&P 500 | 0.64 | -1.31 |
| Max drawdown (3Y) | -33.6% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 3.78% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWFL | VXZ |
|---|---|---|
| 2022 | +34.1% | +0.5% |
| 2023 | +2.4% | -44.0% |
| 2024 | -13.6% | -12.7% |
| 2025 | +8.4% | +5.7% |
| 2026 | +25.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWFL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, NWFL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NWFL and VXZ?
As of 2026-08-27, the correlation of weekly returns between NWFL and VXZ is -0.35 over 3 years, -0.22 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for NWFL?
Yes. With a correlation of -0.35, NWFL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/nwfl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nwfl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWFL correlations · VXZ correlations
