PENN vs VXZ: Correlation
PENN Entertainment, Inc. (PENN) 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 -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PENN and VXZ?
Over the past 3 years, PENN and VXZ moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.49 over 3. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -589.2 %².
Out of 16 assets tracked against PENN, VXZ lands near the bottom at #15. Twelve-month performance is nearly a tie, at -13.0% for PENN and -16.1% for VXZ. Risk is not evenly split, since PENN 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.
PENN vs VXZ: side by side
| PENN (PENN Entertainment, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.0% | -16.1% |
| 5-year return | -78.7% | -53.1% |
| Volatility (ann.) | 47.0% | 25.6% |
| Beta vs S&P 500 | 1.50 | -1.31 |
| Max drawdown (3Y) | -55.8% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PENN | VXZ |
|---|---|---|
| 2022 | -42.7% | +0.5% |
| 2023 | -12.4% | -44.0% |
| 2024 | -23.8% | -12.7% |
| 2025 | -25.6% | +5.7% |
| 2026 | +17.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PENN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, PENN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PENN and VXZ?
The PENN/VXZ correlation stands at -0.49 on a 3-year window (1 year: -0.41, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PENN?
Yes. With a correlation of -0.49, PENN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
A reading of -0.49 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/penn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/penn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PENN correlations · VXZ correlations
