OPAL vs VXZ: Correlation
How closely do OPAL Fuels Inc. (OPAL) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPAL and VXZ?
Over the past 3 years, OPAL and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -433.5 %².
VXZ is close to the least connected end of OPAL's tracked universe, ranking #11 of 11. Over the last 12 months OPAL came out ahead by 8.3 percentage points (-7.8% against -16.1%). One caveat on sizing: OPAL is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OPAL vs VXZ: side by side
| OPAL (OPAL Fuels Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.8% | -16.1% |
| 5-year return | -77.9% | -53.1% |
| Volatility (ann.) | 61.5% | 25.6% |
| Beta vs S&P 500 | 1.19 | -1.31 |
| Max drawdown (3Y) | -84.1% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OPAL | VXZ |
|---|---|---|
| 2022 | -27.1% | +0.5% |
| 2023 | -24.2% | -44.0% |
| 2024 | -38.6% | -12.7% |
| 2025 | -30.5% | +5.7% |
| 2026 | -9.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPAL and VXZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OPAL and VXZ?
The OPAL/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.16, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OPAL?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 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/opal-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/opal-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OPAL correlations · VXZ correlations
