OIS vs VXX: Correlation
Measured on weekly returns over the past three years, Oil States International, Inc. (OIS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OIS and VXX?
Over the past 3 years, OIS and VXX moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -850.0 %².
Among the 10 assets we track against OIS, VXX sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months OIS outperformed by 106.5 percentage points (+56.8% for OIS against -49.7% for VXX).
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.
OIS vs VXX: side by side
| OIS (Oil States International, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +56.8% | -49.7% |
| 5-year return | +48.7% | -95.6% |
| Volatility (ann.) | 55.2% | 60.9% |
| Beta vs S&P 500 | 0.78 | -3.31 |
| Max drawdown (3Y) | -62.9% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OIS | VXX |
|---|---|---|
| 2022 | +50.1% | -23.8% |
| 2023 | -9.0% | -72.5% |
| 2024 | -25.5% | -26.2% |
| 2025 | +33.8% | -42.2% |
| 2026 | +28.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OIS and VXX good diversifiers for each other?
Yes. With a correlation of -0.25, OIS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OIS and VXX?
As of 2026-08-27, the correlation of weekly returns between OIS and VXX is -0.25 over 3 years, -0.15 over 1 year and -0.26 over 5 years.
Is VXX a good diversifier for OIS?
Yes. With a correlation of -0.25, OIS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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/ois-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ois-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OIS correlations · VXX correlations
