PAYS vs VXZ: Correlation
Paysign, Inc. (PAYS) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYS and VXZ?
Over the past 3 years, PAYS and VXZ moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.30). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -632.0 %².
Out of 15 assets tracked against PAYS, VXZ lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months PAYS outperformed by 165.3 percentage points (+149.2% for PAYS against -16.1% for VXZ). Note the risk asymmetry: PAYS runs 3.2 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.
PAYS vs VXZ: side by side
| PAYS (Paysign, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +149.2% | -16.1% |
| 5-year return | +430.6% | -53.1% |
| Volatility (ann.) | 81.0% | 25.6% |
| Beta vs S&P 500 | 1.60 | -1.31 |
| Max drawdown (3Y) | -64.6% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 50.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAYS | VXZ |
|---|---|---|
| 2022 | +61.2% | +0.5% |
| 2023 | +8.5% | -44.0% |
| 2024 | +7.9% | -12.7% |
| 2025 | +70.5% | +5.7% |
| 2026 | +155.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYS 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 PAYS and VXZ?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.07 over the last year and -0.27 over 5 years.
Is VXZ a good diversifier for PAYS?
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?
On the −1 to +1 scale, -0.30 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/pays-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pays-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAYS correlations · VXZ correlations
