PII vs VXX: Correlation
Polaris Inc. (PII) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PII and VXX?
On 3 years of weekly data the PII/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. The 5-year figure is -0.37, and annualized covariance runs at -893.3 %².
VXX is close to the least connected end of PII's tracked universe, ranking #15 of 15. Their recent paths diverged sharply: over the last 12 months PII outperformed by 65.5 percentage points (+15.8% for PII against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.6 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.
PII vs VXX: side by side
| PII (Polaris Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.8% | -49.7% |
| 5-year return | -39.0% | -95.6% |
| Volatility (ann.) | 39.0% | 60.9% |
| Beta vs S&P 500 | 1.07 | -3.31 |
| Max drawdown (3Y) | -70.4% | -83.3% |
| Market cap | $3.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PII | VXX |
|---|---|---|
| 2022 | -6.0% | -23.8% |
| 2023 | -3.8% | -72.5% |
| 2024 | -37.2% | -26.2% |
| 2025 | +15.9% | -42.2% |
| 2026 | +3.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PII and VXX good diversifiers for each other?
Yes. With a correlation of -0.38, PII and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PII and VXX?
The PII/VXX correlation stands at -0.38 on a 3-year window (1 year: -0.30, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PII?
Yes. With a correlation of -0.38, PII and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 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/pii-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pii-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PII correlations · VXX correlations
