PANL vs VXZ: Correlation
Measured on weekly returns over the past three years, Pangaea Logistics Solutions Ltd. (PANL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PANL and VXZ?
Over the past 3 years, PANL and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.33). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -361.0 %².
VXZ is close to the least connected end of PANL's tracked universe, ranking #10 of 11. The last year tells two different stories: PANL led by 65.8 percentage points, +49.7% for PANL against -16.1% for VXZ. Note the risk asymmetry: PANL runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXZ: side by side
| PANL (Pangaea Logistics Solutions Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +49.7% | -16.1% |
| 5-year return | +109.8% | -53.1% |
| Volatility (ann.) | 42.2% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -54.8% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 2.53% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PANL | VXZ |
|---|---|---|
| 2022 | +44.2% | +0.5% |
| 2023 | +70.6% | -44.0% |
| 2024 | -31.1% | -12.7% |
| 2025 | +34.6% | +5.7% |
| 2026 | +16.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PANL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, PANL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PANL and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.18 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for PANL?
Yes. With a correlation of -0.33, PANL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/panl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PANL correlations · VXZ correlations
