NXST vs VXZ: Correlation
How closely do Nexstar Media Group, Inc. (NXST) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXST and VXZ?
Over the past 3 years, NXST and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.09 versus -0.25 over 3 years. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -215.1 %².
Among the 13 assets we track against NXST, VXZ sits near the bottom by co-movement, at rank #12. The trailing year gives NXST the advantage: -9.5% versus -16.1%, a 6.6-point spread.
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.
NXST vs VXZ: side by side
| NXST (Nexstar Media Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -9.5% | -16.1% |
| 5-year return | +43.6% | -53.1% |
| Volatility (ann.) | 33.2% | 25.6% |
| Beta vs S&P 500 | 0.63 | -1.31 |
| Max drawdown (3Y) | -38.4% | -36.4% |
| Market cap | $5.5B | – |
| P/E (trailing) | 35.1 | – |
| Dividend yield | 4.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXST | VXZ |
|---|---|---|
| 2022 | +18.4% | +0.5% |
| 2023 | -7.5% | -44.0% |
| 2024 | +5.0% | -12.7% |
| 2025 | +34.0% | +5.7% |
| 2026 | -9.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXST and VXZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NXST and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with 0.09 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for NXST?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/nxst-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nxst-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NXST correlations · VXZ correlations
