IRD vs VXZ: Correlation
Measured on weekly returns over the past three years, Opus Genetics, Inc. (IRD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRD and VXZ?
Across a 3-year window, the weekly returns of IRD and VXZ correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.21). Stretching to 5 years gives -0.18, with an annualized covariance of -387.8 %².
Among the 10 assets we track against IRD, VXZ sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months IRD outperformed by 236.9 percentage points (+220.8% for IRD against -16.1% for VXZ). One caveat on sizing: IRD is 2.8 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.
IRD vs VXZ: side by side
| IRD (Opus Genetics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +220.8% | -16.1% |
| 5-year return | -11.9% | -53.1% |
| Volatility (ann.) | 71.4% | 25.6% |
| Beta vs S&P 500 | 0.63 | -1.31 |
| Max drawdown (3Y) | -82.6% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IRD | VXZ |
|---|---|---|
| 2022 | -5.4% | +0.5% |
| 2023 | -14.7% | -44.0% |
| 2024 | -60.5% | -12.7% |
| 2025 | +68.9% | +5.7% |
| 2026 | +91.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRD and VXZ good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IRD and VXZ?
As of 2026-08-27, the correlation of weekly returns between IRD and VXZ is -0.21 over 3 years, -0.08 over 1 year and -0.18 over 5 years.
Is VXZ a good diversifier for IRD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 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/ird-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ird-vs-vxz/)
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Related comparisons
Hubs: IRD correlations · VXZ correlations
