PCF vs VXZ: Correlation
Measured on weekly returns over the past three years, High Income Securities Fund (PCF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.54, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCF and VXZ?
Over the past 3 years, PCF and VXZ moved with a correlation of -0.54, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.35) than the 3-year average (-0.54). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -176.9 %².
Out of 11 assets tracked against PCF, VXZ lands near the bottom at #11. The trailing year gives PCF the advantage: -3.9% versus -16.1%, a 12.2-point spread. Risk is not evenly split, since VXZ carries 2.0 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.
PCF vs VXZ: side by side
| PCF (High Income Securities Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.9% | -16.1% |
| 5-year return | -2.1% | -53.1% |
| Volatility (ann.) | 12.8% | 25.6% |
| Beta vs S&P 500 | 0.49 | -1.31 |
| Max drawdown (3Y) | -13.8% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 13.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PCF | VXZ |
|---|---|---|
| 2022 | -15.6% | +0.5% |
| 2023 | +10.4% | -44.0% |
| 2024 | +13.8% | -12.7% |
| 2025 | +5.2% | +5.7% |
| 2026 | -3.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCF and VXZ good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PCF and VXZ?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.35 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for PCF?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 mean?
A reading of -0.54 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/pcf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pcf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PCF correlations · VXZ correlations
