NXE vs VXZ: Correlation
Nexgen Energy Ltd. (NXE) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXE and VXZ?
Over the past 3 years, NXE and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -463.0 %².
Among the 17 assets we track against NXE, VXZ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months NXE outperformed by 70.7 percentage points (+54.6% for NXE against -16.1% for VXZ). One caveat on sizing: NXE is 2.0 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.
NXE vs VXZ: side by side
| NXE (Nexgen Energy Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +54.6% | -16.1% |
| 5-year return | +144.9% | -53.1% |
| Volatility (ann.) | 50.8% | 25.6% |
| Beta vs S&P 500 | 1.48 | -1.31 |
| Max drawdown (3Y) | -54.3% | -36.4% |
| Market cap | $7.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXE | VXZ |
|---|---|---|
| 2022 | +1.4% | +0.5% |
| 2023 | +58.0% | -44.0% |
| 2024 | -5.7% | -12.7% |
| 2025 | +39.4% | +5.7% |
| 2026 | +21.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, NXE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NXE and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.34 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for NXE?
Yes. With a correlation of -0.36, NXE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nxe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nxe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NXE correlations · VXZ correlations
