OSG vs VXZ: Correlation
How closely do Octave Specialty Group, Inc. (OSG) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSG and VXZ?
Across a 3-year window, the weekly returns of OSG and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.29). Stretching to 5 years gives -0.26, with an annualized covariance of -388.9 %².
Among the 10 assets we track against OSG, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with VXZ ahead by 32.9 points (-49.0% versus -16.1%). Risk is not evenly split, since OSG carries 2.0 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.
OSG vs VXZ: side by side
| OSG (Octave Specialty Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -49.0% | -16.1% |
| 5-year return | -68.2% | -53.1% |
| Volatility (ann.) | 51.8% | 25.6% |
| Beta vs S&P 500 | 0.86 | -1.31 |
| Max drawdown (3Y) | -78.5% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OSG | VXZ |
|---|---|---|
| 2022 | +8.7% | +0.5% |
| 2023 | -5.5% | -44.0% |
| 2024 | -23.2% | -12.7% |
| 2025 | -38.5% | +5.7% |
| 2026 | -42.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSG and VXZ good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OSG and VXZ?
The OSG/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.11, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OSG?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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/osg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/osg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OSG correlations · VXZ correlations
