OVLY vs VXZ: Correlation
Oak Valley Bancorp (CA) (OVLY) 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 -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVLY and VXZ?
Over the past 3 years, OVLY and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.42 over 3 years. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -282.0 %².
Out of 11 assets tracked against OVLY, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months OVLY outperformed by 38.3 percentage points (+22.2% for OVLY against -16.1% for VXZ).
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.
OVLY vs VXZ: side by side
| OVLY (Oak Valley Bancorp (CA)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.2% | -16.1% |
| 5-year return | +111.8% | -53.1% |
| Volatility (ann.) | 26.5% | 25.6% |
| Beta vs S&P 500 | 0.56 | -1.31 |
| Max drawdown (3Y) | -26.3% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 2.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OVLY | VXZ |
|---|---|---|
| 2022 | +32.4% | +0.5% |
| 2023 | +33.9% | -44.0% |
| 2024 | -0.7% | -12.7% |
| 2025 | +5.1% | +5.7% |
| 2026 | +15.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVLY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between OVLY and VXZ?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.30 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for OVLY?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/ovly-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ovly-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OVLY correlations · VXZ correlations
