PII vs VXZ: Correlation
How closely do Polaris Inc. (PII) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PII and VXZ?
Over the past 3 years, PII and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -334.2 %².
Among the 15 assets we track against PII, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months PII outperformed by 31.9 percentage points (+15.8% for PII against -16.1% for VXZ). Risk is not evenly split, since PII carries 1.5 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 VXZ: side by side
| PII (Polaris Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.8% | -16.1% |
| 5-year return | -39.0% | -53.1% |
| Volatility (ann.) | 39.0% | 25.6% |
| Beta vs S&P 500 | 1.07 | -1.31 |
| Max drawdown (3Y) | -70.4% | -36.4% |
| Market cap | $3.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.24% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PII | VXZ |
|---|---|---|
| 2022 | -6.0% | +0.5% |
| 2023 | -3.8% | -44.0% |
| 2024 | -37.2% | -12.7% |
| 2025 | +15.9% | +5.7% |
| 2026 | +3.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PII and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, PII and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PII and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.33 over the last year and -0.39 over 5 years.
Is VXZ a good diversifier for PII?
Yes. With a correlation of -0.33, PII and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/pii-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pii-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PII correlations · VXZ correlations
