ORN vs VXZ: Correlation
Orion Group Holdings, Inc. Common (ORN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORN and VXZ?
On 3 years of weekly data the ORN/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -473.2 %².
Among the 11 assets we track against ORN, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with ORN ahead by 50.7 points (+34.6% versus -16.1%). Note the risk asymmetry: ORN runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ORN vs VXZ: side by side
| ORN (Orion Group Holdings, Inc. Common) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.6% | -16.1% |
| 5-year return | +77.6% | -53.1% |
| Volatility (ann.) | 65.3% | 25.6% |
| Beta vs S&P 500 | 1.64 | -1.31 |
| Max drawdown (3Y) | -57.6% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 121.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ORN | VXZ |
|---|---|---|
| 2022 | -36.9% | +0.5% |
| 2023 | +107.6% | -44.0% |
| 2024 | +48.4% | -12.7% |
| 2025 | +35.6% | +5.7% |
| 2026 | -2.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between ORN and VXZ?
The ORN/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.27, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ORN?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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/orn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/orn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ORN correlations · VXZ correlations
