OTIS vs VXZ: Correlation
Otis Worldwide (OTIS) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTIS and VXZ?
Across a 3-year window, the weekly returns of OTIS and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.50) runs below the 3-year figure (-0.33). Stretching to 5 years gives -0.45, with an annualized covariance of -163.3 %².
Out of 31 assets tracked against OTIS, VXZ lands near the bottom at #31. Neither side won the trailing year by much: -16.8% against -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.
OTIS vs VXZ: side by side
| OTIS (Otis Worldwide) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.8% | -16.1% |
| 5-year return | -15.9% | -53.1% |
| Volatility (ann.) | 19.1% | 25.6% |
| Beta vs S&P 500 | 0.59 | -1.31 |
| Max drawdown (3Y) | -32.4% | -36.4% |
| Market cap | $27.2B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 2.35% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | OTIS | VXZ |
|---|---|---|
| 2022 | -8.8% | +0.5% |
| 2023 | +16.0% | -44.0% |
| 2024 | +5.2% | -12.7% |
| 2025 | -4.0% | +5.7% |
| 2026 | -16.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OTIS and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OTIS and VXZ?
The OTIS/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.50, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OTIS?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 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/otis-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/otis-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OTIS correlations · VXZ correlations
