PGP vs VXZ: Correlation
How closely do Pimco Global StocksPlus & Income Fund (PGP) 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 -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGP and VXZ?
On 3 years of weekly data the PGP/VXZ correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.60) runs below the 3-year figure (-0.49). The 5-year figure is -0.48, and annualized covariance runs at -211.0 %².
Among the 12 assets we track against PGP, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with PGP ahead by 29.6 points (+13.5% versus -16.1%). Note the risk asymmetry: VXZ runs 1.5 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.
PGP vs VXZ: side by side
| PGP (Pimco Global StocksPlus & Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.5% | -16.1% |
| 5-year return | +30.7% | -53.1% |
| Volatility (ann.) | 16.8% | 25.6% |
| Beta vs S&P 500 | 0.58 | -1.31 |
| Max drawdown (3Y) | -16.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 9.50% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGP | VXZ |
|---|---|---|
| 2022 | -29.2% | +0.5% |
| 2023 | +21.3% | -44.0% |
| 2024 | +15.5% | -12.7% |
| 2025 | +29.9% | +5.7% |
| 2026 | +1.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, PGP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PGP and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.60 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for PGP?
Yes. With a correlation of -0.49, PGP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 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/pgp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pgp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PGP correlations · VXZ correlations
