LOB vs VXZ: Correlation
Measured on weekly returns over the past three years, Live Oak Bancshares, Inc. (LOB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LOB and VXZ?
On 3 years of weekly data the LOB/VXZ correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.47 lands near the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -486.0 %².
VXZ is close to the least connected end of LOB's tracked universe, ranking #11 of 11. The last year tells two different stories: LOB led by 19.9 percentage points, +3.8% for LOB against -16.1% for VXZ. Note the risk asymmetry: LOB runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
LOB vs VXZ: side by side
| LOB (Live Oak Bancshares, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.8% | -16.1% |
| 5-year return | -33.6% | -53.1% |
| Volatility (ann.) | 42.3% | 25.6% |
| Beta vs S&P 500 | 1.11 | -1.31 |
| Max drawdown (3Y) | -53.8% | -36.4% |
| Market cap | $1.9B | – |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 0.30% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LOB | VXZ |
|---|---|---|
| 2022 | -65.3% | +0.5% |
| 2023 | +51.3% | -44.0% |
| 2024 | -12.8% | -12.7% |
| 2025 | -12.8% | +5.7% |
| 2026 | +16.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LOB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.45, LOB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LOB and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.47 over the last year and -0.43 over 5 years.
Is VXZ a good diversifier for LOB?
Yes. With a correlation of -0.45, LOB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
A reading of -0.45 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/lob-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lob-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LOB correlations · VXZ correlations
