OLN vs VXZ: Correlation
Measured on weekly returns over the past three years, Olin Corporation (OLN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OLN and VXZ?
Across a 3-year window, the weekly returns of OLN and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.33 over 3 years. Stretching to 5 years gives -0.40, with an annualized covariance of -387.2 %².
Among the 20 assets we track against OLN, VXZ sits near the bottom by co-movement, at rank #19. Over the last 12 months VXZ came out ahead by 7.2 percentage points (-23.3% against -16.1%). Note the risk asymmetry: OLN runs 1.8 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.
OLN vs VXZ: side by side
| OLN (Olin Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.3% | -16.1% |
| 5-year return | -62.2% | -53.1% |
| Volatility (ann.) | 45.4% | 25.6% |
| Beta vs S&P 500 | 1.04 | -1.31 |
| Max drawdown (3Y) | -69.3% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OLN | VXZ |
|---|---|---|
| 2022 | -6.6% | +0.5% |
| 2023 | +3.5% | -44.0% |
| 2024 | -36.3% | -12.7% |
| 2025 | -36.2% | +5.7% |
| 2026 | -15.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLN and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OLN and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.05 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for OLN?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oln-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oln-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OLN correlations · VXZ correlations
