PAY vs VXZ: Correlation
Measured on weekly returns over the past three years, Paymentus Holdings, Inc. (PAY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAY and VXZ?
Over the past 3 years, PAY and VXZ moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.30). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -436.4 %².
Out of 11 assets tracked against PAY, VXZ lands near the bottom at #10. The trailing year gives PAY the advantage: -6.8% versus -16.1%, a 9.3-point spread. Note the risk asymmetry: PAY runs 2.2 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.
PAY vs VXZ: side by side
| PAY (Paymentus Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.8% | -16.1% |
| 5-year return | +38.6% | -53.1% |
| Volatility (ann.) | 57.0% | 25.6% |
| Beta vs S&P 500 | 1.24 | -1.31 |
| Max drawdown (3Y) | -49.3% | -36.4% |
| Market cap | $4.5B | – |
| P/E (trailing) | 60.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAY | VXZ |
|---|---|---|
| 2022 | -77.1% | +0.5% |
| 2023 | +123.1% | -44.0% |
| 2024 | +82.8% | -12.7% |
| 2025 | -3.3% | +5.7% |
| 2026 | +12.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAY and VXZ?
The PAY/VXZ correlation stands at -0.30 on a 3-year window (1 year: -0.19, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PAY?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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/pay-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pay-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAY correlations · VXZ correlations
