OVID vs VXZ: Correlation
Ovid Therapeutics Inc. (OVID) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVID and VXZ?
On 3 years of weekly data the OVID/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.22, and annualized covariance runs at -691.3 %².
VXZ is close to the least connected end of OVID's tracked universe, ranking #12 of 14. Correlation aside, the last 12 months split them widely, with OVID ahead by 148.6 points (+132.5% versus -16.1%). One caveat on sizing: OVID is 4.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OVID vs VXZ: side by side
| OVID (Ovid Therapeutics Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +132.5% | -16.1% |
| 5-year return | -16.5% | -53.1% |
| Volatility (ann.) | 103.3% | 25.6% |
| Beta vs S&P 500 | 2.01 | -1.31 |
| Max drawdown (3Y) | -93.7% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OVID | VXZ |
|---|---|---|
| 2022 | -42.1% | +0.5% |
| 2023 | +73.1% | -44.0% |
| 2024 | -71.0% | -12.7% |
| 2025 | +74.5% | +5.7% |
| 2026 | +79.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVID and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, OVID and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OVID and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.25 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for OVID?
Yes. With a correlation of -0.26, OVID and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/ovid-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ovid-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OVID correlations · VXZ correlations
