PAY vs VXX: Correlation
How closely do Paymentus Holdings, Inc. (PAY) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAY and VXX?
Across a 3-year window, the weekly returns of PAY and VXX correlate at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.31 over 3 years. Stretching to 5 years gives -0.34, with an annualized covariance of -1062.1 %².
Among the 11 assets we track against PAY, VXX sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months PAY outperformed by 42.9 percentage points (-6.8% for PAY 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.
PAY vs VXX: side by side
| PAY (Paymentus Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.8% | -49.7% |
| 5-year return | +38.6% | -95.6% |
| Volatility (ann.) | 57.0% | 60.9% |
| Beta vs S&P 500 | 1.24 | -3.31 |
| Max drawdown (3Y) | -49.3% | -83.3% |
| Market cap | $4.5B | – |
| P/E (trailing) | 60.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAY | VXX |
|---|---|---|
| 2022 | -77.1% | -23.8% |
| 2023 | +123.1% | -72.5% |
| 2024 | +82.8% | -26.2% |
| 2025 | -3.3% | -42.2% |
| 2026 | +12.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAY and VXX good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PAY and VXX?
The PAY/VXX correlation stands at -0.31 on a 3-year window (1 year: -0.14, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PAY?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pay-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pay-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PAY correlations · VXX correlations
