PFLT vs VXZ: Correlation
How closely do PennantPark Floating Rate Capital Ltd. (PFLT) 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 -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFLT and VXZ?
Across a 3-year window, the weekly returns of PFLT and VXZ correlate at -0.51, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.39) than the 3-year average (-0.51). Stretching to 5 years gives -0.46, with an annualized covariance of -264.9 %².
VXZ is close to the least connected end of PFLT's tracked universe, ranking #17 of 18. Neither side won the trailing year by much: -16.0% against -16.1%.
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.
PFLT vs VXZ: side by side
| PFLT (PennantPark Floating Rate Capital Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.0% | -16.1% |
| 5-year return | +1.5% | -53.1% |
| Volatility (ann.) | 20.1% | 25.6% |
| Beta vs S&P 500 | 0.69 | -1.31 |
| Max drawdown (3Y) | -28.4% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 14.6 | – |
| Dividend yield | 16.43% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFLT | VXZ |
|---|---|---|
| 2022 | -5.5% | +0.5% |
| 2023 | +23.1% | -44.0% |
| 2024 | +0.7% | -12.7% |
| 2025 | -4.1% | +5.7% |
| 2026 | -12.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFLT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
FAQ
What is the correlation between PFLT and VXZ?
Using weekly returns as of 2026-08-27: -0.51 over 3 years, with -0.39 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for PFLT?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
What does a correlation of -0.51 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/pflt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pflt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PFLT correlations · VXZ correlations
