OEC vs VXZ: Correlation
Measured on weekly returns over the past three years, Orion S.A. (OEC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OEC and VXZ?
Across a 3-year window, the weekly returns of OEC and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.15 versus -0.30 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -395.6 %².
Out of 10 assets tracked against OEC, VXZ lands near the bottom at #9. The last year tells two different stories: VXZ led by 23.1 percentage points, -39.2% for OEC against -16.1% for VXZ. One caveat on sizing: OEC is 2.0 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.
OEC vs VXZ: side by side
| OEC (Orion S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.2% | -16.1% |
| 5-year return | -64.2% | -53.1% |
| Volatility (ann.) | 51.9% | 25.6% |
| Beta vs S&P 500 | 1.04 | -1.31 |
| Max drawdown (3Y) | -84.5% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OEC | VXZ |
|---|---|---|
| 2022 | -2.4% | +0.5% |
| 2023 | +56.2% | -44.0% |
| 2024 | -42.8% | -12.7% |
| 2025 | -66.4% | +5.7% |
| 2026 | +20.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OEC and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OEC and VXZ?
As of 2026-08-27, the correlation of weekly returns between OEC and VXZ is -0.30 over 3 years, -0.15 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for OEC?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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/oec-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oec-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OEC correlations · VXZ correlations
