PACK vs VXX: Correlation
Ranpak Holdings Corp (PACK) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) 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 PACK and VXX?
Over the past 3 years, PACK and VXX moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -1486.4 %².
Among the 14 assets we track against PACK, VXX sits near the bottom by co-movement, at rank #14. The last year tells two different stories: PACK led by 42.8 percentage points, -6.9% for PACK 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.
PACK vs VXX: side by side
| PACK (Ranpak Holdings Corp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.9% | -49.7% |
| 5-year return | -83.7% | -95.6% |
| Volatility (ann.) | 75.3% | 60.9% |
| Beta vs S&P 500 | 1.81 | -3.31 |
| Max drawdown (3Y) | -64.5% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PACK | VXX |
|---|---|---|
| 2022 | -84.6% | -23.8% |
| 2023 | +0.9% | -72.5% |
| 2024 | +18.2% | -26.2% |
| 2025 | -21.4% | -42.2% |
| 2026 | -7.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PACK and VXX good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PACK and VXX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.41 over the last year and -0.35 over 5 years.
Is VXX a good diversifier for PACK?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
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/pack-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pack-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PACK correlations · VXX correlations
