PAXS vs VXZ: Correlation
PIMCO Access Income Fund (PAXS) 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 PAXS and VXZ?
On 3 years of weekly data the PAXS/VXZ correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.56) sits close to the 3-year figure. The 5-year figure is -0.47, and annualized covariance runs at -181.9 %².
Out of 10 assets tracked against PAXS, VXZ lands near the bottom at #10. The last year tells two different stories: PAXS led by 15.8 percentage points, -0.3% for PAXS against -16.1% for VXZ. One caveat on sizing: VXZ is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PAXS vs VXZ: side by side
| PAXS (PIMCO Access Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.3% | -16.1% |
| 5-year return | +20.5% | -53.1% |
| Volatility (ann.) | 14.6% | 25.6% |
| Beta vs S&P 500 | 0.48 | -1.31 |
| Max drawdown (3Y) | -13.4% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAXS | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +9.3% | -44.0% |
| 2024 | +19.5% | -12.7% |
| 2025 | +12.5% | +5.7% |
| 2026 | +0.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAXS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAXS and VXZ?
As of 2026-08-27, the correlation of weekly returns between PAXS and VXZ is -0.49 over 3 years, -0.56 over 1 year and -0.47 over 5 years.
Is VXZ a good diversifier for PAXS?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
A reading of -0.49 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/paxs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/paxs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAXS correlations · VXZ correlations
