PI vs VXZ: Correlation
How closely do Impinj, Inc. (PI) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PI and VXZ?
On 3 years of weekly data the PI/VXZ correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -830.5 %².
VXZ is close to the least connected end of PI's tracked universe, ranking #10 of 10. Over the last 12 months PI came out ahead by 6.3 percentage points (-9.8% against -16.1%). Note the risk asymmetry: PI runs 2.7 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.
PI vs VXZ: side by side
| PI (Impinj, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -9.8% | -16.1% |
| 5-year return | +187.5% | -53.1% |
| Volatility (ann.) | 70.0% | 25.6% |
| Beta vs S&P 500 | 2.30 | -1.31 |
| Max drawdown (3Y) | -73.8% | -36.4% |
| Market cap | $5.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PI | VXZ |
|---|---|---|
| 2022 | +23.1% | +0.5% |
| 2023 | -17.5% | -44.0% |
| 2024 | +61.3% | -12.7% |
| 2025 | +19.8% | +5.7% |
| 2026 | -3.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PI and VXZ good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PI and VXZ?
As of 2026-08-27, the correlation of weekly returns between PI and VXZ is -0.46 over 3 years, -0.39 over 1 year and -0.48 over 5 years.
Is VXZ a good diversifier for PI?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 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/pi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PI correlations · VXZ correlations
