PFN vs VXZ: Correlation
Measured on weekly returns over the past three years, PIMCO Income Strategy Fund II (PFN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFN and VXZ?
Across a 3-year window, the weekly returns of PFN and VXZ correlate at -0.53, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.60 over 1 year against -0.53 over 3. Stretching to 5 years gives -0.46, with an annualized covariance of -164.0 %².
Out of 18 assets tracked against PFN, VXZ lands near the bottom at #18. The last year tells two different stories: PFN led by 20.2 percentage points, +4.1% for PFN against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 2.1 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 VXZ: side by side
| PFN (PIMCO Income Strategy Fund II) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.1% | -16.1% |
| 5-year return | +9.3% | -53.1% |
| Volatility (ann.) | 12.2% | 25.6% |
| Beta vs S&P 500 | 0.40 | -1.31 |
| Max drawdown (3Y) | -11.1% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 12.40% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFN | VXZ |
|---|---|---|
| 2022 | -17.6% | +0.5% |
| 2023 | +15.5% | -44.0% |
| 2024 | +15.8% | -12.7% |
| 2025 | +13.1% | +5.7% |
| 2026 | +1.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between PFN and VXZ?
The PFN/VXZ correlation stands at -0.53 on a 3-year window (1 year: -0.60, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PFN?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
A reading of -0.53 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/pfn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pfn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PFN correlations · VXZ correlations
