OIS vs VXZ: Correlation
Oil States International, Inc. (OIS) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OIS and VXZ?
Over the past 3 years, OIS and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.24). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -336.8 %².
Among the 10 assets we track against OIS, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: OIS led by 72.9 percentage points, +56.8% for OIS against -16.1% for VXZ. One caveat on sizing: OIS is 2.2 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.
OIS vs VXZ: side by side
| OIS (Oil States International, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +56.8% | -16.1% |
| 5-year return | +48.7% | -53.1% |
| Volatility (ann.) | 55.2% | 25.6% |
| Beta vs S&P 500 | 0.78 | -1.31 |
| Max drawdown (3Y) | -62.9% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OIS | VXZ |
|---|---|---|
| 2022 | +50.1% | +0.5% |
| 2023 | -9.0% | -44.0% |
| 2024 | -25.5% | -12.7% |
| 2025 | +33.8% | +5.7% |
| 2026 | +28.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OIS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, OIS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OIS and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.11 over the last year and -0.25 over 5 years.
Is VXZ a good diversifier for OIS?
Yes. With a correlation of -0.24, OIS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ois-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OIS correlations · VXZ correlations
