ORA vs VXZ: Correlation
How closely do Ormat Technologies, Inc. (ORA) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORA and VXZ?
On 3 years of weekly data the ORA/VXZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.08) runs above the 3-year figure (-0.23). The 5-year figure is -0.28, and annualized covariance runs at -159.5 %².
VXZ is close to the least connected end of ORA's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months ORA outperformed by 30.3 percentage points (+14.2% for ORA 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.
ORA vs VXZ: side by side
| ORA (Ormat Technologies, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -16.1% |
| 5-year return | +53.7% | -53.1% |
| Volatility (ann.) | 27.5% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -35.0% | -36.4% |
| Market cap | $6.5B | – |
| P/E (trailing) | 50.7 | – |
| Dividend yield | 0.46% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ORA | VXZ |
|---|---|---|
| 2022 | +9.7% | +0.5% |
| 2023 | -11.8% | -44.0% |
| 2024 | -10.1% | -12.7% |
| 2025 | +64.1% | +5.7% |
| 2026 | -4.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORA and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ORA and VXZ?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with 0.08 over the last year and -0.28 over 5 years.
Is VXZ a good diversifier for ORA?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ora-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ORA correlations · VXZ correlations
