ODFL vs VXZ: Correlation
Old Dominion (ODFL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ODFL and VXZ?
On 3 years of weekly data the ODFL/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.34). The 5-year figure is -0.38, and annualized covariance runs at -299.8 %².
VXZ is close to the least connected end of ODFL's tracked universe, ranking #36 of 36. The last year tells two different stories: ODFL led by 47.0 percentage points, +30.9% for ODFL against -16.1% for VXZ.
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.
ODFL vs VXZ: side by side
| ODFL (Old Dominion) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.9% | -16.1% |
| 5-year return | +39.6% | -53.1% |
| Volatility (ann.) | 34.7% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -45.2% | -36.4% |
| Market cap | $41.6B | – |
| P/E (trailing) | 38.3 | – |
| Dividend yield | 0.57% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ODFL | VXZ |
|---|---|---|
| 2022 | -20.5% | +0.5% |
| 2023 | +43.5% | -44.0% |
| 2024 | -12.5% | -12.7% |
| 2025 | -10.5% | +5.7% |
| 2026 | +27.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ODFL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between ODFL and VXZ?
The ODFL/VXZ correlation stands at -0.34 on a 3-year window (1 year: -0.19, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ODFL?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/odfl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/odfl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ODFL correlations · VXZ correlations
