PFN vs VXX: Correlation
Measured on weekly returns over the past three years, PIMCO Income Strategy Fund II (PFN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFN and VXX?
Over the past 3 years, PFN and VXX moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.48) sits close to the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -346.0 %².
VXX is close to the least connected end of PFN's tracked universe, ranking #17 of 18. Correlation aside, the last 12 months split them widely, with PFN ahead by 53.8 points (+4.1% versus -49.7%). Note the risk asymmetry: VXX runs 5.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PFN vs VXX: side by side
| PFN (PIMCO Income Strategy Fund II) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.1% | -49.7% |
| 5-year return | +9.3% | -95.6% |
| Volatility (ann.) | 12.2% | 60.9% |
| Beta vs S&P 500 | 0.40 | -3.31 |
| Max drawdown (3Y) | -11.1% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 12.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFN | VXX |
|---|---|---|
| 2022 | -17.6% | -23.8% |
| 2023 | +15.5% | -72.5% |
| 2024 | +15.8% | -26.2% |
| 2025 | +13.1% | -42.2% |
| 2026 | +1.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFN and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between PFN and VXX?
The PFN/VXX correlation stands at -0.47 on a 3-year window (1 year: -0.48, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PFN?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pfn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pfn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PFN correlations · VXX correlations
