ONL vs VXZ: Correlation
Measured on weekly returns over the past three years, Orion Properties Inc. (ONL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONL and VXZ?
Across a 3-year window, the weekly returns of ONL and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -529.0 %².
VXZ is close to the least connected end of ONL's tracked universe, ranking #13 of 14. Correlation aside, the last 12 months split them widely, with ONL ahead by 19.5 points (+3.4% versus -16.1%). Risk is not evenly split, since ONL carries 2.0 times the volatility of the other side.
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.
ONL vs VXZ: side by side
| ONL (Orion Properties Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.4% | -16.1% |
| 5-year return | -79.8% | -53.1% |
| Volatility (ann.) | 51.4% | 25.6% |
| Beta vs S&P 500 | 1.30 | -1.31 |
| Max drawdown (3Y) | -71.5% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.85% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONL | VXZ |
|---|---|---|
| 2022 | -52.4% | +0.5% |
| 2023 | -28.4% | -44.0% |
| 2024 | -27.4% | -12.7% |
| 2025 | -36.9% | +5.7% |
| 2026 | +30.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between ONL and VXZ?
As of 2026-08-27, the correlation of weekly returns between ONL and VXZ is -0.40 over 3 years, -0.35 over 1 year and -0.41 over 5 years.
Is VXZ a good diversifier for ONL?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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/onl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/onl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ONL correlations · VXZ correlations
