PAX vs VXX: Correlation
How closely do Patria Investments Limited - Class A (PAX) 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 -0.52, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAX and VXX?
Across a 3-year window, the weekly returns of PAX and VXX correlate at -0.52, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.49 lands near the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -914.5 %².
Out of 17 assets tracked against PAX, VXX lands near the bottom at #17. The last year tells two different stories: PAX led by 40.9 percentage points, -8.8% for PAX against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.1 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.
PAX vs VXX: side by side
| PAX (Patria Investments Limited - Class A) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.8% | -49.7% |
| 5-year return | -3.0% | -95.6% |
| Volatility (ann.) | 28.8% | 60.9% |
| Beta vs S&P 500 | 0.98 | -3.31 |
| Max drawdown (3Y) | -37.7% | -83.3% |
| Market cap | $1.9B | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 5.28% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAX | VXX |
|---|---|---|
| 2022 | -9.9% | -23.8% |
| 2023 | +18.9% | -72.5% |
| 2024 | -20.0% | -26.2% |
| 2025 | +43.1% | -42.2% |
| 2026 | -23.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAX and VXX good diversifiers for each other?
Yes. With a correlation of -0.52, PAX and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PAX and VXX?
The PAX/VXX correlation stands at -0.52 on a 3-year window (1 year: -0.49, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PAX?
Yes. With a correlation of -0.52, PAX and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.52 mean?
A reading of -0.52 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/pax-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pax-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PAX correlations · VXX correlations
