NWN vs VXZ: Correlation
How closely do Northwest Natural Holding Company (NWN) 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 -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWN and VXZ?
Across a 3-year window, the weekly returns of NWN and VXZ correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.02) runs above the 3-year figure (-0.22). Stretching to 5 years gives -0.22, with an annualized covariance of -118.3 %².
VXZ is close to the least connected end of NWN's tracked universe, ranking #16 of 16. Their recent paths diverged sharply: over the last 12 months NWN outperformed by 40.5 percentage points (+24.4% for NWN 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.
NWN vs VXZ: side by side
| NWN (Northwest Natural Holding Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.4% | -16.1% |
| 5-year return | +20.2% | -53.1% |
| Volatility (ann.) | 20.8% | 25.6% |
| Beta vs S&P 500 | 0.17 | -1.31 |
| Max drawdown (3Y) | -13.5% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 3.91% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWN | VXZ |
|---|---|---|
| 2022 | +1.5% | +0.5% |
| 2023 | -14.4% | -44.0% |
| 2024 | +6.8% | -12.7% |
| 2025 | +23.7% | +5.7% |
| 2026 | +9.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.22, NWN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NWN and VXZ?
The NWN/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.02, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NWN?
Yes. With a correlation of -0.22, NWN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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/nwn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nwn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWN correlations · VXZ correlations
