O vs VXZ: Correlation
How closely do Realty Income (O) 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 -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are O and VXZ?
Across a 3-year window, the weekly returns of O and VXZ correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.21). Stretching to 5 years gives -0.33, with an annualized covariance of -92.4 %².
Among the 44 assets we track against O, VXZ sits near the bottom by co-movement, at rank #42. Correlation aside, the last 12 months split them widely, with O ahead by 27.4 points (+11.3% versus -16.1%).
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.
O vs VXZ: side by side
| O (Realty Income) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.3% | -16.1% |
| 5-year return | +14.5% | -53.1% |
| Volatility (ann.) | 17.3% | 25.6% |
| Beta vs S&P 500 | 0.21 | -1.31 |
| Max drawdown (3Y) | -19.3% | -36.4% |
| Market cap | $58.5B | – |
| P/E (trailing) | 45.4 | – |
| Dividend yield | 5.20% | – |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | O | VXZ |
|---|---|---|
| 2022 | -7.4% | +0.5% |
| 2023 | -4.5% | -44.0% |
| 2024 | -2.1% | -12.7% |
| 2025 | +12.2% | +5.7% |
| 2026 | +13.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are O 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 O and VXZ?
The O/VXZ correlation stands at -0.21 on a 3-year window (1 year: -0.33, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for O?
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/o-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/o-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: O correlations · VXZ correlations
