ORA vs VXX: Correlation
Ormat Technologies, Inc. (ORA) 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 -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORA and VXX?
Over the past 3 years, ORA and VXX moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.07) than the 3-year average (-0.21). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -357.2 %².
VXX is close to the least connected end of ORA's tracked universe, ranking #8 of 10. Correlation aside, the last 12 months split them widely, with ORA ahead by 63.9 points (+14.2% versus -49.7%). Risk is not evenly split, since VXX carries 2.2 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.
ORA vs VXX: side by side
| ORA (Ormat Technologies, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -49.7% |
| 5-year return | +53.7% | -95.6% |
| Volatility (ann.) | 27.5% | 60.9% |
| Beta vs S&P 500 | 0.55 | -3.31 |
| Max drawdown (3Y) | -35.0% | -83.3% |
| Market cap | $6.5B | – |
| P/E (trailing) | 50.7 | – |
| Dividend yield | 0.46% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ORA | VXX |
|---|---|---|
| 2022 | +9.7% | -23.8% |
| 2023 | -11.8% | -72.5% |
| 2024 | -10.1% | -26.2% |
| 2025 | +64.1% | -42.2% |
| 2026 | -4.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORA and VXX good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ORA and VXX?
As of 2026-08-27, the correlation of weekly returns between ORA and VXX is -0.21 over 3 years, 0.07 over 1 year and -0.27 over 5 years.
Is VXX a good diversifier for ORA?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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/ora-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ora-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ORA correlations · VXX correlations
