PAAS vs VXX: Correlation
Measured on weekly returns over the past three years, Pan American Silver Corp. (PAAS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and VXX?
On 3 years of weekly data the PAAS/VXX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.23). The 5-year figure is -0.19, and annualized covariance runs at -761.3 %².
Among the 42 assets we track against PAAS, VXX sits near the bottom by co-movement, at rank #40. Their recent paths diverged sharply: over the last 12 months PAAS outperformed by 117.6 percentage points (+67.9% for PAAS against -49.7% for VXX).
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.
PAAS vs VXX: side by side
| PAAS (Pan American Silver Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +67.9% | -49.7% |
| 5-year return | +135.6% | -95.6% |
| Volatility (ann.) | 54.5% | 60.9% |
| Beta vs S&P 500 | 1.11 | -3.31 |
| Max drawdown (3Y) | -38.8% | -83.3% |
| Market cap | $22.8B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | VXX |
|---|---|---|
| 2022 | -33.0% | -23.8% |
| 2023 | +2.5% | -72.5% |
| 2024 | +26.6% | -26.2% |
| 2025 | +158.4% | -42.2% |
| 2026 | +6.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAAS and VXX?
The PAAS/VXX correlation stands at -0.23 on a 3-year window (1 year: -0.37, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PAAS?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/paas-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/paas-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PAAS correlations · VXX correlations
