OXM vs VXZ: Correlation
Oxford Industries, Inc. (OXM) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXM and VXZ?
On 3 years of weekly data the OXM/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.46 versus -0.32 over 3 years. The 5-year figure is -0.34, and annualized covariance runs at -381.5 %².
Out of 13 assets tracked against OXM, VXZ lands near the bottom at #12. On 12-month performance OXM holds a 6.9-point edge, -9.2% against -16.1%. Note the risk asymmetry: OXM runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OXM vs VXZ: side by side
| OXM (Oxford Industries, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -9.2% | -16.1% |
| 5-year return | -50.3% | -53.1% |
| Volatility (ann.) | 47.0% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -69.4% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 7.14% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OXM | VXZ |
|---|---|---|
| 2022 | -6.1% | +0.5% |
| 2023 | +10.0% | -44.0% |
| 2024 | -18.9% | -12.7% |
| 2025 | -54.0% | +5.7% |
| 2026 | +17.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, OXM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OXM and VXZ?
The OXM/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.46, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OXM?
Yes. With a correlation of -0.32, OXM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/oxm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oxm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OXM correlations · VXZ correlations
