PANL vs VXX: Correlation
How closely do Pangaea Logistics Solutions Ltd. (PANL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PANL and VXX?
Across a 3-year window, the weekly returns of PANL and VXX correlate at -0.36, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.36). Stretching to 5 years gives -0.27, with an annualized covariance of -913.8 %².
Out of 11 assets tracked against PANL, VXX lands near the bottom at #11. The last year tells two different stories: PANL led by 99.4 percentage points, +49.7% for PANL 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.
PANL vs VXX: side by side
| PANL (Pangaea Logistics Solutions Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +49.7% | -49.7% |
| 5-year return | +109.8% | -95.6% |
| Volatility (ann.) | 42.2% | 60.9% |
| Beta vs S&P 500 | 0.96 | -3.31 |
| Max drawdown (3Y) | -54.8% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 2.53% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PANL | VXX |
|---|---|---|
| 2022 | +44.2% | -23.8% |
| 2023 | +70.6% | -72.5% |
| 2024 | -31.1% | -26.2% |
| 2025 | +34.6% | -42.2% |
| 2026 | +16.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PANL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between PANL and VXX?
The PANL/VXX correlation stands at -0.36 on a 3-year window (1 year: -0.22, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PANL?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/panl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/panl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PANL correlations · VXX correlations
