OI vs VXZ: Correlation
O-I Glass, Inc. (OI) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OI and VXZ?
On 3 years of weekly data the OI/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.31 over 3. The 5-year figure is -0.35, and annualized covariance runs at -316.8 %².
Among the 12 assets we track against OI, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: VXZ led by 28.7 percentage points, -44.8% for OI against -16.1% for VXZ. Note the risk asymmetry: OI runs 1.6 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.
OI vs VXZ: side by side
| OI (O-I Glass, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -44.8% | -16.1% |
| 5-year return | -53.2% | -53.1% |
| Volatility (ann.) | 40.3% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -68.6% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OI | VXZ |
|---|---|---|
| 2022 | +37.7% | +0.5% |
| 2023 | -1.1% | -44.0% |
| 2024 | -33.8% | -12.7% |
| 2025 | +36.2% | +5.7% |
| 2026 | -51.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, OI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OI and VXZ?
The OI/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.41, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OI?
Yes. With a correlation of -0.31, OI and VXZ 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OI correlations · VXZ correlations
