PDX vs VXZ: Correlation
How closely do PIMCO Dynamic Income Strategy Fund (PDX) 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 -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDX and VXZ?
Across a 3-year window, the weekly returns of PDX and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.05) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.34, with an annualized covariance of -182.1 %².
Out of 12 assets tracked against PDX, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months PDX outperformed by 27.0 percentage points (+10.9% for PDX against -16.1% for VXZ).
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.
PDX vs VXZ: side by side
| PDX (PIMCO Dynamic Income Strategy Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.9% | -16.1% |
| 5-year return | +203.4% | -53.1% |
| Volatility (ann.) | 26.1% | 25.6% |
| Beta vs S&P 500 | 0.40 | -1.31 |
| Max drawdown (3Y) | -37.2% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PDX | VXZ |
|---|---|---|
| 2022 | +23.0% | +0.5% |
| 2023 | +44.5% | -44.0% |
| 2024 | +37.0% | -12.7% |
| 2025 | -10.6% | +5.7% |
| 2026 | +21.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between PDX and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.05 over the last year and -0.34 over 5 years.
Is VXZ a good diversifier for PDX?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 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/pdx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pdx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PDX correlations · VXZ correlations
