PDI vs VXZ: Correlation
How closely do PIMCO Dynamic Income Fund (PDI) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDI and VXZ?
On 3 years of weekly data the PDI/VXZ correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.44 lands near the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -169.6 %².
Out of 13 assets tracked against PDI, VXZ lands near the bottom at #13. Over the last 12 months PDI came out ahead by 8.5 percentage points (-7.6% against -16.1%). Risk is not evenly split, since VXZ carries 1.8 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.
PDI vs VXZ: side by side
| PDI (PIMCO Dynamic Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.6% | -16.1% |
| 5-year return | +11.0% | -53.1% |
| Volatility (ann.) | 14.3% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -14.4% | -36.4% |
| Market cap | $7.1B | – |
| P/E (trailing) | 7.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PDI | VXZ |
|---|---|---|
| 2022 | -17.0% | +0.5% |
| 2023 | +12.0% | -44.0% |
| 2024 | +17.2% | -12.7% |
| 2025 | +11.1% | +5.7% |
| 2026 | -3.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between PDI and VXZ?
As of 2026-08-27, the correlation of weekly returns between PDI and VXZ is -0.46 over 3 years, -0.44 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for PDI?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 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/pdi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pdi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PDI correlations · VXZ correlations
