ONIT vs VXZ: Correlation
How closely do Onity Group Inc. (ONIT) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONIT and VXZ?
Across a 3-year window, the weekly returns of ONIT and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.39 over 3. Stretching to 5 years gives -0.39, with an annualized covariance of -438.1 %².
Among the 10 assets we track against ONIT, VXZ sits near the bottom by co-movement, at rank #10. Their 12-month results are close: -18.3% for ONIT against -16.1% for VXZ. Note the risk asymmetry: ONIT runs 1.7 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.
ONIT vs VXZ: side by side
| ONIT (Onity Group Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -18.3% | -16.1% |
| 5-year return | +26.4% | -53.1% |
| Volatility (ann.) | 44.1% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -36.5% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONIT | VXZ |
|---|---|---|
| 2022 | -23.5% | +0.5% |
| 2023 | +0.6% | -44.0% |
| 2024 | -0.2% | -12.7% |
| 2025 | +49.1% | +5.7% |
| 2026 | -24.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONIT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, ONIT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ONIT and VXZ?
As of 2026-08-27, the correlation of weekly returns between ONIT and VXZ is -0.39 over 3 years, -0.32 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for ONIT?
Yes. With a correlation of -0.39, ONIT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/onit-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/onit-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ONIT correlations · VXZ correlations
