PIM vs VXZ: 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 Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PIM and VXZ?
Across a 3-year window, the weekly returns of PIM and VXZ correlate at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -82.9 %².
Among the 15 assets we track against PIM, VXZ sits near the bottom by co-movement, at rank #14. The last year tells two different stories: PIM led by 19.3 percentage points, +3.2% for PIM against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 2.8 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 VXZ: side by side
| PIM (Franklin Master Intermediate Income Trust Shares of) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.2% | -16.1% |
| 5-year return | +16.1% | -53.1% |
| Volatility (ann.) | 9.2% | 25.6% |
| Beta vs S&P 500 | 0.26 | -1.31 |
| Max drawdown (3Y) | -6.4% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 8.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PIM | VXZ |
|---|---|---|
| 2022 | -12.5% | +0.5% |
| 2023 | +8.4% | -44.0% |
| 2024 | +10.9% | -12.7% |
| 2025 | +10.9% | +5.7% |
| 2026 | +0.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PIM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between PIM and VXZ?
As of 2026-08-27, the correlation of weekly returns between PIM and VXZ is -0.35 over 3 years, -0.39 over 1 year and -0.43 over 5 years.
Is VXZ a good diversifier for PIM?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/pim-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pim-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PIM correlations · VXZ correlations
