OTEX vs VXX: Correlation
Open Text Corporation (OTEX) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTEX and VXX?
Across a 3-year window, the weekly returns of OTEX and VXX correlate at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.38). Stretching to 5 years gives -0.39, with an annualized covariance of -749.2 %².
VXX is close to the least connected end of OTEX's tracked universe, ranking #13 of 15. Their recent paths diverged sharply: over the last 12 months OTEX outperformed by 29.0 percentage points (-20.7% for OTEX against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.9 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.
OTEX vs VXX: side by side
| OTEX (Open Text Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -20.7% | -49.7% |
| 5-year return | -46.4% | -95.6% |
| Volatility (ann.) | 32.4% | 60.9% |
| Beta vs S&P 500 | 1.06 | -3.31 |
| Max drawdown (3Y) | -50.4% | -83.3% |
| Market cap | $6.1B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 4.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OTEX | VXX |
|---|---|---|
| 2022 | -35.9% | -23.8% |
| 2023 | +45.4% | -72.5% |
| 2024 | -30.4% | -26.2% |
| 2025 | +19.3% | -42.2% |
| 2026 | -21.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OTEX and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OTEX and VXX?
The OTEX/VXX correlation stands at -0.38 on a 3-year window (1 year: -0.14, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for OTEX?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/otex-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/otex-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OTEX correlations · VXX correlations
