ORC vs VXZ: Correlation
Measured on weekly returns over the past three years, Orchid Island Capital, Inc. (ORC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.55, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORC and VXZ?
Across a 3-year window, the weekly returns of ORC and VXZ correlate at -0.55, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.44 versus -0.55 over 3 years. Stretching to 5 years gives -0.50, with an annualized covariance of -367.8 %².
Out of 14 assets tracked against ORC, VXZ lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with ORC ahead by 31.8 points (+15.7% versus -16.1%).
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.
ORC vs VXZ: side by side
| ORC (Orchid Island Capital, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.7% | -16.1% |
| 5-year return | -33.9% | -53.1% |
| Volatility (ann.) | 26.1% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -36.6% | -36.4% |
| Market cap | $1.3B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 20.69% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ORC | VXZ |
|---|---|---|
| 2022 | -44.3% | +0.5% |
| 2023 | -3.1% | -44.0% |
| 2024 | +9.9% | -12.7% |
| 2025 | +12.7% | +5.7% |
| 2026 | +4.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
FAQ
What is the correlation between ORC and VXZ?
As of 2026-08-27, the correlation of weekly returns between ORC and VXZ is -0.55 over 3 years, -0.44 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for ORC?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
What does a correlation of -0.55 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/orc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/orc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ORC correlations · VXZ correlations
