PGY vs VXX: Correlation
How closely do Pagaya Technologies Ltd. - Class A (PGY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGY and VXX?
Over the past 3 years, PGY and VXX moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.44 lands near the 3-year figure. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -1889.0 %².
VXX is close to the least connected end of PGY's tracked universe, ranking #9 of 11. The last year tells two different stories: PGY led by 16.7 percentage points, -33.0% for PGY against -49.7% for VXX.
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.
PGY vs VXX: side by side
| PGY (Pagaya Technologies Ltd. - Class A) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.0% | -49.7% |
| 5-year return | -79.9% | -95.6% |
| Volatility (ann.) | 86.1% | 60.9% |
| Beta vs S&P 500 | 2.49 | -3.31 |
| Max drawdown (3Y) | -75.7% | -83.3% |
| Market cap | $1.9B | – |
| P/E (trailing) | 15.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGY | VXX |
|---|---|---|
| 2022 | -87.5% | -23.8% |
| 2023 | +11.3% | -72.5% |
| 2024 | -43.9% | -26.2% |
| 2025 | +125.0% | -42.2% |
| 2026 | +11.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGY and VXX good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PGY and VXX?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.44 over the last year and -0.15 over 5 years.
Is VXX a good diversifier for PGY?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/pgy-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pgy-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PGY correlations · VXX correlations
