OFIX vs VXZ: Correlation
How closely do Orthofix Medical Inc. (OFIX) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OFIX and VXZ?
On 3 years of weekly data the OFIX/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.29). The 5-year figure is -0.30, and annualized covariance runs at -350.0 %².
Out of 12 assets tracked against OFIX, VXZ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with VXZ ahead by 19.0 points (-35.1% versus -16.1%). Note the risk asymmetry: OFIX runs 1.9 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.
OFIX vs VXZ: side by side
| OFIX (Orthofix Medical Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -35.1% | -16.1% |
| 5-year return | -76.9% | -53.1% |
| Volatility (ann.) | 47.8% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -58.1% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OFIX | VXZ |
|---|---|---|
| 2022 | -34.0% | +0.5% |
| 2023 | -34.3% | -44.0% |
| 2024 | +29.5% | -12.7% |
| 2025 | -13.2% | +5.7% |
| 2026 | -36.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OFIX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between OFIX and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.13 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for OFIX?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
A reading of -0.29 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/ofix-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ofix-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OFIX correlations · VXZ correlations
