ONB vs VXZ: Correlation
How closely do Old National Bancorp (ONB) 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 -0.59, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONB and VXZ?
On 3 years of weekly data the ONB/VXZ correlation comes out at -0.59, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.50 over 1 year against -0.59 over 3. The 5-year figure is -0.54, and annualized covariance runs at -438.1 %².
Out of 26 assets tracked against ONB, VXZ lands near the bottom at #26. Correlation aside, the last 12 months split them widely, with ONB ahead by 31.2 points (+15.1% versus -16.1%).
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.
ONB vs VXZ: side by side
| ONB (Old National Bancorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.1% | -16.1% |
| 5-year return | +81.8% | -53.1% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 1.07 | -1.31 |
| Max drawdown (3Y) | -26.1% | -36.4% |
| Market cap | $9.9B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 2.21% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONB | VXZ |
|---|---|---|
| 2022 | +2.5% | +0.5% |
| 2023 | -2.5% | -44.0% |
| 2024 | +32.5% | -12.7% |
| 2025 | +5.4% | +5.7% |
| 2026 | +17.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONB and VXZ good diversifiers for each other?
Yes: at -0.59, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ONB and VXZ?
As of 2026-08-27, the correlation of weekly returns between ONB and VXZ is -0.59 over 3 years, -0.50 over 1 year and -0.54 over 5 years.
Is VXZ a good diversifier for ONB?
Yes: at -0.59, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.59 mean?
On the −1 to +1 scale, -0.59 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/onb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/onb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ONB correlations · VXZ correlations
