OCGN vs VXZ: Correlation
How closely do Ocugen, Inc. (OCGN) 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 -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCGN and VXZ?
Over the past 3 years, OCGN and VXZ moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -475.6 %².
Among the 12 assets we track against OCGN, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with OCGN ahead by 47.8 points (+31.7% versus -16.1%). One caveat on sizing: OCGN is 3.7 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.
OCGN vs VXZ: side by side
| OCGN (Ocugen, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.7% | -16.1% |
| 5-year return | -81.2% | -53.1% |
| Volatility (ann.) | 95.8% | 25.6% |
| Beta vs S&P 500 | 1.22 | -1.31 |
| Max drawdown (3Y) | -73.9% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OCGN | VXZ |
|---|---|---|
| 2022 | -71.4% | +0.5% |
| 2023 | -55.8% | -44.0% |
| 2024 | +40.0% | -12.7% |
| 2025 | +67.7% | +5.7% |
| 2026 | +1.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCGN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.19, OCGN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OCGN and VXZ?
As of 2026-08-27, the correlation of weekly returns between OCGN and VXZ is -0.19 over 3 years, -0.18 over 1 year and -0.24 over 5 years.
Is VXZ a good diversifier for OCGN?
Yes. With a correlation of -0.19, OCGN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
A reading of -0.19 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/ocgn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ocgn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OCGN correlations · VXZ correlations
