PGZ vs VXZ: Correlation
How closely do Principal Real Estate Income Fund (PGZ) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGZ and VXZ?
On 3 years of weekly data the PGZ/VXZ correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.50) sits close to the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -150.6 %².
VXZ is close to the least connected end of PGZ's tracked universe, ranking #13 of 13. Their recent paths diverged sharply: over the last 12 months PGZ outperformed by 23.7 percentage points (+7.6% for PGZ against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 1.9 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.
PGZ vs VXZ: side by side
| PGZ (Principal Real Estate Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.6% | -16.1% |
| 5-year return | +14.2% | -53.1% |
| Volatility (ann.) | 13.2% | 25.6% |
| Beta vs S&P 500 | 0.42 | -1.31 |
| Max drawdown (3Y) | -10.6% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGZ | VXZ |
|---|---|---|
| 2022 | -28.0% | +0.5% |
| 2023 | +4.0% | -44.0% |
| 2024 | +18.0% | -12.7% |
| 2025 | +14.5% | +5.7% |
| 2026 | +7.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGZ and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PGZ and VXZ?
As of 2026-08-27, the correlation of weekly returns between PGZ and VXZ is -0.45 over 3 years, -0.50 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for PGZ?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/pgz-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pgz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PGZ correlations · VXZ correlations
