PAX vs VXZ: Correlation
Patria Investments Limited - Class A (PAX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAX and VXZ?
Across a 3-year window, the weekly returns of PAX and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.57 over 1 year against -0.49 over 3. Stretching to 5 years gives -0.45, with an annualized covariance of -359.8 %².
VXZ is close to the least connected end of PAX's tracked universe, ranking #16 of 17. Over the last 12 months PAX came out ahead by 7.3 percentage points (-8.8% against -16.1%).
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 VXZ: side by side
| PAX (Patria Investments Limited - Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.8% | -16.1% |
| 5-year return | -3.0% | -53.1% |
| Volatility (ann.) | 28.8% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -37.7% | -36.4% |
| Market cap | $1.9B | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 5.28% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAX | VXZ |
|---|---|---|
| 2022 | -9.9% | +0.5% |
| 2023 | +18.9% | -44.0% |
| 2024 | -20.0% | -12.7% |
| 2025 | +43.1% | +5.7% |
| 2026 | -23.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, PAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PAX and VXZ?
The PAX/VXZ correlation stands at -0.49 on a 3-year window (1 year: -0.57, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PAX?
Yes. With a correlation of -0.49, PAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 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/pax-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pax-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAX correlations · VXZ correlations
