PAG vs VXZ: Correlation
Measured on weekly returns over the past three years, Penske Automotive Group, Inc. (PAG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAG and VXZ?
Across a 3-year window, the weekly returns of PAG and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.30). Stretching to 5 years gives -0.31, with an annualized covariance of -200.8 %².
VXZ is close to the least connected end of PAG's tracked universe, ranking #12 of 12. The last year tells two different stories: PAG led by 35.6 percentage points, +19.5% for PAG 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.
PAG vs VXZ: side by side
| PAG (Penske Automotive Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.5% | -16.1% |
| 5-year return | +177.2% | -53.1% |
| Volatility (ann.) | 26.3% | 25.6% |
| Beta vs S&P 500 | 0.66 | -1.31 |
| Max drawdown (3Y) | -24.0% | -36.4% |
| Market cap | $14.3B | – |
| P/E (trailing) | 15.8 | – |
| Dividend yield | 2.60% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAG | VXZ |
|---|---|---|
| 2022 | +9.2% | +0.5% |
| 2023 | +42.3% | -44.0% |
| 2024 | -2.5% | -12.7% |
| 2025 | +7.1% | +5.7% |
| 2026 | +41.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAG and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PAG and VXZ?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.18 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for PAG?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/pag-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pag-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAG correlations · VXZ correlations
