PAGP vs VXZ: Correlation
Measured on weekly returns over the past three years, Plains GP Holdings, L.P. - Class A Shares representing (PAGP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAGP and VXZ?
On 3 years of weekly data the PAGP/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.11 versus -0.27 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -159.2 %².
Out of 14 assets tracked against PAGP, VXZ lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months PAGP outperformed by 75.0 percentage points (+58.9% for PAGP 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.
PAGP vs VXZ: side by side
| PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +58.9% | -16.1% |
| 5-year return | +318.4% | -53.1% |
| Volatility (ann.) | 23.3% | 25.6% |
| Beta vs S&P 500 | 0.25 | -1.31 |
| Max drawdown (3Y) | -21.0% | -36.4% |
| Market cap | $6.5B | – |
| P/E (trailing) | 80.1 | – |
| Dividend yield | 5.81% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAGP | VXZ |
|---|---|---|
| 2022 | +31.8% | +0.5% |
| 2023 | +38.1% | -44.0% |
| 2024 | +23.7% | -12.7% |
| 2025 | +12.7% | +5.7% |
| 2026 | +54.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAGP and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PAGP and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.11 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for PAGP?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pagp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pagp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAGP correlations · VXZ correlations
