OII vs VXZ: Correlation
How closely do Oceaneering International, Inc. (OII) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OII and VXZ?
Over the past 3 years, OII and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.00 versus -0.33 over 3 years. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -365.9 %².
Out of 16 assets tracked against OII, VXZ lands near the bottom at #15. Correlation aside, the last 12 months split them widely, with OII ahead by 126.0 points (+109.9% versus -16.1%). Note the risk asymmetry: OII runs 1.7 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.
OII vs VXZ: side by side
| OII (Oceaneering International, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +109.9% | -16.1% |
| 5-year return | +316.7% | -53.1% |
| Volatility (ann.) | 43.5% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -47.8% | -36.4% |
| Market cap | $5.1B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OII | VXZ |
|---|---|---|
| 2022 | +54.6% | +0.5% |
| 2023 | +21.7% | -44.0% |
| 2024 | +22.6% | -12.7% |
| 2025 | -7.9% | +5.7% |
| 2026 | +113.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OII and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between OII and VXZ?
As of 2026-08-27, the correlation of weekly returns between OII and VXZ is -0.33 over 3 years, -0.00 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for OII?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oii-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oii-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OII correlations · VXZ correlations
