OVV vs VXZ: Correlation
Measured on weekly returns over the past three years, Ovintiv Inc. (DE) (OVV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and VXZ?
On 3 years of weekly data the OVV/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.25 versus -0.26 over 3 years. The 5-year figure is -0.26, and annualized covariance runs at -241.5 %².
VXZ is close to the least connected end of OVV's tracked universe, ranking #43 of 44. The last year tells two different stories: OVV led by 77.3 percentage points, +61.2% for OVV 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.
OVV vs VXZ: side by side
| OVV (Ovintiv Inc. (DE)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +61.2% | -16.1% |
| 5-year return | +175.7% | -53.1% |
| Volatility (ann.) | 36.4% | 25.6% |
| Beta vs S&P 500 | 0.43 | -1.31 |
| Max drawdown (3Y) | -42.2% | -36.4% |
| Market cap | $18.0B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OVV | VXZ |
|---|---|---|
| 2022 | +53.3% | +0.5% |
| 2023 | -10.9% | -44.0% |
| 2024 | -5.2% | -12.7% |
| 2025 | -0.3% | +5.7% |
| 2026 | +68.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, OVV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OVV and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.25 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for OVV?
Yes. With a correlation of -0.26, OVV 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/ovv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ovv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OVV correlations · VXZ correlations
