OPY vs VXZ: Correlation
How closely do Oppenheimer Holdings, Inc. (OPY) 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 -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPY and VXZ?
Over the past 3 years, OPY and VXZ moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.48 over 3. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -368.6 %².
VXZ is close to the least connected end of OPY's tracked universe, ranking #13 of 13. The last year tells two different stories: OPY led by 88.0 percentage points, +71.9% for OPY against -16.1% for VXZ.
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 VXZ: side by side
| OPY (Oppenheimer Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +71.9% | -16.1% |
| 5-year return | +185.5% | -53.1% |
| Volatility (ann.) | 30.2% | 25.6% |
| Beta vs S&P 500 | 0.93 | -1.31 |
| Max drawdown (3Y) | -29.4% | -36.4% |
| Market cap | $1.3B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 0.66% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OPY | VXZ |
|---|---|---|
| 2022 | -7.2% | +0.5% |
| 2023 | -0.9% | -44.0% |
| 2024 | +57.3% | -12.7% |
| 2025 | +15.6% | +5.7% |
| 2026 | +67.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPY and VXZ 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 VXZ?
As of 2026-08-27, the correlation of weekly returns between OPY and VXZ is -0.48 over 3 years, -0.39 over 1 year and -0.44 over 5 years.
Is VXZ 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?
A reading of -0.48 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/opy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/opy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OPY correlations · VXZ correlations
