OBIO vs VXZ: Correlation
Measured on weekly returns over the past three years, Orchestra BioMed Holdings, Inc. (OBIO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBIO and VXZ?
Over the past 3 years, OBIO and VXZ moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.37 over 3 years. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -747.0 %².
VXZ is close to the least connected end of OBIO's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months OBIO outperformed by 96.0 percentage points (+79.9% for OBIO against -16.1% for VXZ). Note the risk asymmetry: OBIO runs 3.1 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.
OBIO vs VXZ: side by side
| OBIO (Orchestra BioMed Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +79.9% | -16.1% |
| 5-year return | -47.8% | -53.1% |
| Volatility (ann.) | 79.5% | 25.6% |
| Beta vs S&P 500 | 1.75 | -1.31 |
| Max drawdown (3Y) | -78.2% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OBIO | VXZ |
|---|---|---|
| 2022 | -1.0% | +0.5% |
| 2023 | -8.5% | -44.0% |
| 2024 | -56.2% | -12.7% |
| 2025 | +3.8% | +5.7% |
| 2026 | +23.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBIO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, OBIO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OBIO and VXZ?
The OBIO/VXZ correlation stands at -0.37 on a 3-year window (1 year: -0.10, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OBIO?
Yes. With a correlation of -0.37, OBIO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
A reading of -0.37 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/obio-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/obio-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OBIO correlations · VXZ correlations
