PIPR vs VXZ: Correlation
Piper Sandler Companies (PIPR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PIPR and VXZ?
Over the past 3 years, PIPR and VXZ moved with a correlation of -0.59, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.36) runs above the 3-year figure (-0.59). Over 5 years the correlation is -0.54, and the annualized covariance of weekly returns is -506.4 %².
Out of 23 assets tracked against PIPR, VXZ lands near the bottom at #23. On 12-month performance PIPR holds a 6.9-point edge, -9.2% against -16.1%.
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.
PIPR vs VXZ: side by side
| PIPR (Piper Sandler Companies) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -9.2% | -16.1% |
| 5-year return | +143.0% | -53.1% |
| Volatility (ann.) | 33.6% | 25.6% |
| Beta vs S&P 500 | 1.35 | -1.31 |
| Max drawdown (3Y) | -38.8% | -36.4% |
| Market cap | $5.3B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 0.97% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PIPR | VXZ |
|---|---|---|
| 2022 | -23.4% | +0.5% |
| 2023 | +37.8% | -44.0% |
| 2024 | +74.2% | -12.7% |
| 2025 | +15.5% | +5.7% |
| 2026 | -10.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PIPR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.59 means the two rarely move for the same reasons.
FAQ
What is the correlation between PIPR and VXZ?
The PIPR/VXZ correlation stands at -0.59 on a 3-year window (1 year: -0.36, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PIPR?
By historical standards, yes. A correlation of -0.59 means the two rarely move for the same reasons.
What does a correlation of -0.59 mean?
A reading of -0.59 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pipr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pipr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PIPR correlations · VXZ correlations
