OPY vs VXX: Correlation
Oppenheimer Holdings, Inc. (OPY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPY and VXX?
Over the past 3 years, OPY and VXX moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.35) runs above the 3-year figure (-0.48). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -880.0 %².
Among the 13 assets we track against OPY, VXX sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with OPY ahead by 121.6 points (+71.9% versus -49.7%). Risk is not evenly split, since VXX 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.
OPY vs VXX: side by side
| OPY (Oppenheimer Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +71.9% | -49.7% |
| 5-year return | +185.5% | -95.6% |
| Volatility (ann.) | 30.2% | 60.9% |
| Beta vs S&P 500 | 0.93 | -3.31 |
| Max drawdown (3Y) | -29.4% | -83.3% |
| Market cap | $1.3B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 0.66% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OPY | VXX |
|---|---|---|
| 2022 | -7.2% | -23.8% |
| 2023 | -0.9% | -72.5% |
| 2024 | +57.3% | -26.2% |
| 2025 | +15.6% | -42.2% |
| 2026 | +67.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPY and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between OPY and VXX?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.35 over the last year and -0.42 over 5 years.
Is VXX a good diversifier for OPY?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/opy-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/opy-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OPY correlations · VXX correlations
