PACK vs VXZ: Correlation
Measured on weekly returns over the past three years, Ranpak Holdings Corp (PACK) 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 PACK and VXZ?
On 3 years of weekly data the PACK/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.26). The 5-year figure is -0.35, and annualized covariance runs at -493.6 %².
Out of 14 assets tracked against PACK, VXZ lands near the bottom at #13. On 12-month performance PACK holds a 9.2-point edge, -6.9% against -16.1%. Risk is not evenly split, since PACK carries 2.9 times the volatility of the other side.
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 VXZ: side by side
| PACK (Ranpak Holdings Corp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.9% | -16.1% |
| 5-year return | -83.7% | -53.1% |
| Volatility (ann.) | 75.3% | 25.6% |
| Beta vs S&P 500 | 1.81 | -1.31 |
| Max drawdown (3Y) | -64.5% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PACK | VXZ |
|---|---|---|
| 2022 | -84.6% | +0.5% |
| 2023 | +0.9% | -44.0% |
| 2024 | +18.2% | -12.7% |
| 2025 | -21.4% | +5.7% |
| 2026 | -7.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PACK and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between PACK and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.39 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for PACK?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pack-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pack-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PACK correlations · VXZ correlations
