PFL vs VXZ: Correlation
Measured on weekly returns over the past three years, PIMCO Income Strategy Fund Shares of Beneficial Interest (PFL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFL and VXZ?
On 3 years of weekly data the PFL/VXZ correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.47 over 1 year against -0.46 over 3. The 5-year figure is -0.45, and annualized covariance runs at -142.1 %².
Among the 22 assets we track against PFL, VXZ sits near the bottom by co-movement, at rank #22. Their recent paths diverged sharply: over the last 12 months PFL outperformed by 17.2 percentage points (+1.1% for PFL against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 2.1 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.
PFL vs VXZ: side by side
| PFL (PIMCO Income Strategy Fund Shares of Beneficial Interest) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.1% | -16.1% |
| 5-year return | +1.9% | -53.1% |
| Volatility (ann.) | 12.0% | 25.6% |
| Beta vs S&P 500 | 0.39 | -1.31 |
| Max drawdown (3Y) | -11.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 9.6 | – |
| Dividend yield | 12.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFL | VXZ |
|---|---|---|
| 2022 | -18.0% | +0.5% |
| 2023 | +17.2% | -44.0% |
| 2024 | +11.4% | -12.7% |
| 2025 | +13.0% | +5.7% |
| 2026 | -2.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFL 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 PFL and VXZ?
As of 2026-08-27, the correlation of weekly returns between PFL and VXZ is -0.46 over 3 years, -0.47 over 1 year and -0.45 over 5 years.
Is VXZ a good diversifier for PFL?
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?
A reading of -0.46 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/pfl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pfl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PFL correlations · VXZ correlations
