PFSI vs VXZ: Correlation
PennyMac Financial Services, Inc. (PFSI) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFSI and VXZ?
Over the past 3 years, PFSI and VXZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.31). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -274.6 %².
Among the 14 assets we track against PFSI, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with VXZ ahead by 15.2 points (-31.3% versus -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.
PFSI vs VXZ: side by side
| PFSI (PennyMac Financial Services, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -31.3% | -16.1% |
| 5-year return | +17.5% | -53.1% |
| Volatility (ann.) | 34.9% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -53.8% | -36.4% |
| Market cap | $3.8B | – |
| P/E (trailing) | 10.0 | – |
| Dividend yield | 1.65% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFSI | VXZ |
|---|---|---|
| 2022 | -17.6% | +0.5% |
| 2023 | +57.8% | -44.0% |
| 2024 | +16.8% | -12.7% |
| 2025 | +30.5% | +5.7% |
| 2026 | -43.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFSI and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PFSI and VXZ?
As of 2026-08-27, the correlation of weekly returns between PFSI and VXZ is -0.31 over 3 years, -0.42 over 1 year and -0.36 over 5 years.
Is VXZ a good diversifier for PFSI?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 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/pfsi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pfsi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PFSI correlations · VXZ correlations
