OI vs VXX: Correlation
Measured on weekly returns over the past three years, O-I Glass, Inc. (OI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OI and VXX?
On 3 years of weekly data the OI/VXX correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -757.8 %².
VXX is close to the least connected end of OI's tracked universe, ranking #11 of 12. Twelve-month performance is nearly a tie, at -44.8% for OI and -49.7% for VXX. One caveat on sizing: VXX is 1.5 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.
OI vs VXX: side by side
| OI (O-I Glass, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -44.8% | -49.7% |
| 5-year return | -53.2% | -95.6% |
| Volatility (ann.) | 40.3% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -68.6% | -83.3% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OI | VXX |
|---|---|---|
| 2022 | +37.7% | -23.8% |
| 2023 | -1.1% | -72.5% |
| 2024 | -33.8% | -26.2% |
| 2025 | +36.2% | -42.2% |
| 2026 | -51.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OI and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, OI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OI and VXX?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.34 over the last year and -0.31 over 5 years.
Is VXX a good diversifier for OI?
Yes. With a correlation of -0.31, OI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/oi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OI correlations · VXX correlations
