PAYO vs VXZ: Correlation
How closely do Payoneer Global Inc. (PAYO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYO and VXZ?
On 3 years of weekly data the PAYO/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.40). The 5-year figure is -0.38, and annualized covariance runs at -496.2 %².
VXZ is close to the least connected end of PAYO's tracked universe, ranking #14 of 14. Their recent paths diverged sharply: over the last 12 months PAYO outperformed by 21.1 percentage points (+5.0% for PAYO against -16.1% for VXZ). Risk is not evenly split, since PAYO carries 1.9 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.
PAYO vs VXZ: side by side
| PAYO (Payoneer Global Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.0% | -16.1% |
| 5-year return | -27.7% | -53.1% |
| Volatility (ann.) | 48.1% | 25.6% |
| Beta vs S&P 500 | 1.27 | -1.31 |
| Max drawdown (3Y) | -61.4% | -36.4% |
| Market cap | $2.4B | – |
| P/E (trailing) | 50.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAYO | VXZ |
|---|---|---|
| 2022 | -25.6% | +0.5% |
| 2023 | -4.8% | -44.0% |
| 2024 | +92.7% | -12.7% |
| 2025 | -44.0% | +5.7% |
| 2026 | +26.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAYO and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.18 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for PAYO?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
A reading of -0.40 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/payo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/payo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAYO correlations · VXZ correlations
