PAGS vs VXZ: Correlation
Measured on weekly returns over the past three years, PagSeguro Digital Ltd. Class A (PAGS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAGS and VXZ?
Across a 3-year window, the weekly returns of PAGS and VXZ correlate at -0.41, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.40 over 1 year against -0.41 over 3. Stretching to 5 years gives -0.36, with an annualized covariance of -436.2 %².
Among the 14 assets we track against PAGS, VXZ sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months PAGS outperformed by 21.7 percentage points (+5.6% for PAGS against -16.1% for VXZ). Risk is not evenly split, since PAGS carries 1.6 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.
PAGS vs VXZ: side by side
| PAGS (PagSeguro Digital Ltd. Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.6% | -16.1% |
| 5-year return | -84.4% | -53.1% |
| Volatility (ann.) | 42.1% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -57.6% | -36.4% |
| Market cap | $2.5B | – |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 14.99% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAGS | VXZ |
|---|---|---|
| 2022 | -66.7% | +0.5% |
| 2023 | +42.7% | -44.0% |
| 2024 | -49.8% | -12.7% |
| 2025 | +58.7% | +5.7% |
| 2026 | -5.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAGS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAGS and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.40 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for PAGS?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
A reading of -0.41 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/pags-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pags-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAGS correlations · VXZ correlations
