ONDS vs VXZ: Correlation
Ondas Inc (ONDS) 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 -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONDS and VXZ?
Over the past 3 years, ONDS and VXZ 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 (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -868.0 %².
Out of 10 assets tracked against ONDS, VXZ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with ONDS ahead by 88.7 points (+72.6% versus -16.1%). Note the risk asymmetry: ONDS runs 5.3 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.
ONDS vs VXZ: side by side
| ONDS (Ondas Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +72.6% | -16.1% |
| 5-year return | +23.8% | -53.1% |
| Volatility (ann.) | 135.8% | 25.6% |
| Beta vs S&P 500 | 2.31 | -1.31 |
| Max drawdown (3Y) | -75.8% | -36.4% |
| Market cap | $5.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONDS | VXZ |
|---|---|---|
| 2022 | -76.3% | +0.5% |
| 2023 | -3.8% | -44.0% |
| 2024 | +67.3% | -12.7% |
| 2025 | +281.3% | +5.7% |
| 2026 | -10.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONDS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, ONDS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ONDS and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.26 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for ONDS?
Yes. With a correlation of -0.25, ONDS and VXZ 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/onds-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/onds-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ONDS correlations · VXZ correlations
