PIM vs VXX: Correlation
Measured on weekly returns over the past three years, Franklin Master Intermediate Income Trust Shares of (PIM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PIM and VXX?
Over the past 3 years, PIM and VXX moved with a correlation of -0.39, which is 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. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -218.1 %².
Out of 15 assets tracked against PIM, VXX lands near the bottom at #15. The last year tells two different stories: PIM led by 52.9 percentage points, +3.2% for PIM against -49.7% for VXX. Risk is not evenly split, since VXX carries 6.6 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.
PIM vs VXX: side by side
| PIM (Franklin Master Intermediate Income Trust Shares of) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.2% | -49.7% |
| 5-year return | +16.1% | -95.6% |
| Volatility (ann.) | 9.2% | 60.9% |
| Beta vs S&P 500 | 0.26 | -3.31 |
| Max drawdown (3Y) | -6.4% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 8.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PIM | VXX |
|---|---|---|
| 2022 | -12.5% | -23.8% |
| 2023 | +8.4% | -72.5% |
| 2024 | +10.9% | -26.2% |
| 2025 | +10.9% | -42.2% |
| 2026 | +0.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PIM and VXX good diversifiers for each other?
Yes. With a correlation of -0.39, PIM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PIM and VXX?
The PIM/VXX correlation stands at -0.39 on a 3-year window (1 year: -0.39, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PIM?
Yes. With a correlation of -0.39, PIM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 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/pim-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pim-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PIM correlations · VXX correlations
