PGY vs VXZ: Correlation
How closely do Pagaya Technologies Ltd. - Class A (PGY) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGY and VXZ?
On 3 years of weekly data the PGY/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.36). The 5-year figure is -0.20, and annualized covariance runs at -801.3 %².
Among the 11 assets we track against PGY, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with VXZ ahead by 16.9 points (-33.0% versus -16.1%). Risk is not evenly split, since PGY carries 3.4 times the volatility of the other side.
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 VXZ: side by side
| PGY (Pagaya Technologies Ltd. - Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.0% | -16.1% |
| 5-year return | -79.9% | -53.1% |
| Volatility (ann.) | 86.1% | 25.6% |
| Beta vs S&P 500 | 2.49 | -1.31 |
| Max drawdown (3Y) | -75.7% | -36.4% |
| Market cap | $1.9B | – |
| P/E (trailing) | 15.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGY | VXZ |
|---|---|---|
| 2022 | -87.5% | +0.5% |
| 2023 | +11.3% | -44.0% |
| 2024 | -43.9% | -12.7% |
| 2025 | +125.0% | +5.7% |
| 2026 | +11.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGY and VXZ 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 VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.48 over the last year and -0.20 over 5 years.
Is VXZ 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?
A reading of -0.36 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/pgy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pgy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PGY correlations · VXZ correlations
