PKG vs VXX: Correlation
Measured on weekly returns over the past three years, Packaging Corporation of America (PKG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PKG and VXX?
Over the past 3 years, PKG and VXX moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.31). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -444.5 %².
Among the 32 assets we track against PKG, VXX sits near the bottom by co-movement, at rank #31. Their recent paths diverged sharply: over the last 12 months PKG outperformed by 68.2 percentage points (+18.5% for PKG against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PKG vs VXX: side by side
| PKG (Packaging Corporation of America) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.5% | -49.7% |
| 5-year return | +86.8% | -95.6% |
| Volatility (ann.) | 23.5% | 60.9% |
| Beta vs S&P 500 | 0.52 | -3.31 |
| Max drawdown (3Y) | -28.4% | -83.3% |
| Market cap | $21.7B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 2.13% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | PKG | VXX |
|---|---|---|
| 2022 | -2.6% | -23.8% |
| 2023 | +31.9% | -72.5% |
| 2024 | +41.7% | -26.2% |
| 2025 | -6.1% | -42.2% |
| 2026 | +19.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PKG and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, PKG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PKG and VXX?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.08 over the last year and -0.30 over 5 years.
Is VXX a good diversifier for PKG?
Yes. With a correlation of -0.31, PKG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/pkg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pkg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PKG correlations · VXX correlations
