PAYX vs VXZ: Correlation
How closely do Paychex (PAYX) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYX and VXZ?
Over the past 3 years, PAYX and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.06) than the 3-year average (-0.23). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -124.0 %².
Out of 37 assets tracked against PAYX, VXZ lands near the bottom at #37. On 12-month performance PAYX holds a 11.3-point edge, -4.8% against -16.1%.
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.
PAYX vs VXZ: side by side
| PAYX (Paychex) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.8% | -16.1% |
| 5-year return | +29.0% | -53.1% |
| Volatility (ann.) | 21.3% | 25.6% |
| Beta vs S&P 500 | 0.47 | -1.31 |
| Max drawdown (3Y) | -45.0% | -36.4% |
| Market cap | $45.0B | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | PAYX | VXZ |
|---|---|---|
| 2022 | -13.2% | +0.5% |
| 2023 | +6.2% | -44.0% |
| 2024 | +21.3% | -12.7% |
| 2025 | -17.5% | +5.7% |
| 2026 | +16.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYX and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PAYX and VXZ?
As of 2026-08-27, the correlation of weekly returns between PAYX and VXZ is -0.23 over 3 years, -0.06 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for PAYX?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/payx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/payx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAYX correlations · VXZ correlations
