NX vs VXZ: Correlation
Measured on weekly returns over the past three years, Quanex Building Products Corporation (NX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NX and VXZ?
Across a 3-year window, the weekly returns of NX and VXZ correlate at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.28 over 3. Stretching to 5 years gives -0.35, with an annualized covariance of -349.1 %².
Out of 13 assets tracked against NX, VXZ lands near the bottom at #13. Over the last 12 months NX came out ahead by 7.7 percentage points (-8.4% against -16.1%). Risk is not evenly split, since NX carries 1.9 times the volatility of the other side.
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.
NX vs VXZ: side by side
| NX (Quanex Building Products Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.4% | -16.1% |
| 5-year return | -10.0% | -53.1% |
| Volatility (ann.) | 49.4% | 25.6% |
| Beta vs S&P 500 | 1.11 | -1.31 |
| Max drawdown (3Y) | -70.4% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.61% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NX | VXZ |
|---|---|---|
| 2022 | -3.1% | +0.5% |
| 2023 | +30.7% | -44.0% |
| 2024 | -19.9% | -12.7% |
| 2025 | -35.4% | +5.7% |
| 2026 | +29.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, NX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NX and VXZ?
As of 2026-08-27, the correlation of weekly returns between NX and VXZ is -0.28 over 3 years, -0.37 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for NX?
Yes. With a correlation of -0.28, NX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/nx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NX correlations · VXZ correlations
