BND vs OXY: Correlation
Measured on weekly returns over the past three years, Vanguard Total Bond Market ETF (BND) and Occidental Petroleum (OXY) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BND and OXY?
Over the past 3 years, BND and OXY moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.56) than the 3-year average (-0.24). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -37.7 %².
By 3-year correlation, OXY places #24 of the 33 assets tracked against BND. Correlation aside, the last 12 months split them widely, with OXY ahead by 26.6 points (+2.3% versus +28.9%). This link changes with the market regime, having swung between -0.56 and 0.01 on a rolling one-year basis. One caveat on sizing: OXY is 5.9 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.
BND vs OXY: side by side
| BND (Vanguard Total Bond Market ETF) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +2.3% | +28.9% |
| 5-year return | -1.3% | +150.8% |
| Volatility (ann.) | 5.2% | 30.6% |
| Beta vs S&P 500 | 0.06 | 0.13 |
| Max drawdown (3Y) | -4.7% | -46.9% |
| Market cap | – | $59.1B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | – | 1.71% |
| Sector / category | ETF · Bonds | Energy |
Year-by-year returns
| Year | BND | OXY |
|---|---|---|
| 2022 | -13.1% | +119.1% |
| 2023 | +5.7% | -4.1% |
| 2024 | +1.4% | -15.9% |
| 2025 | +7.1% | -14.9% |
| 2026 | +0.2% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BND and OXY good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BND and OXY?
As of 2026-08-27, the correlation of weekly returns between BND and OXY is -0.24 over 3 years, -0.56 over 1 year and -0.10 over 5 years.
Is OXY a good diversifier for BND?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/bnd-vs-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bnd-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BND correlations · OXY correlations
