PKG vs VXZ: Correlation
Packaging Corporation of America (PKG) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PKG and VXZ?
Over the past 3 years, PKG and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.35). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -211.7 %².
Among the 32 assets we track against PKG, VXZ sits near the bottom by co-movement, at rank #32. The last year tells two different stories: PKG led by 34.6 percentage points, +18.5% for PKG against -16.1% for VXZ.
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 VXZ: side by side
| PKG (Packaging Corporation of America) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.5% | -16.1% |
| 5-year return | +86.8% | -53.1% |
| Volatility (ann.) | 23.5% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -28.4% | -36.4% |
| Market cap | $21.7B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 2.13% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | PKG | VXZ |
|---|---|---|
| 2022 | -2.6% | +0.5% |
| 2023 | +31.9% | -44.0% |
| 2024 | +41.7% | -12.7% |
| 2025 | -6.1% | +5.7% |
| 2026 | +19.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PKG and VXZ good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PKG and VXZ?
The PKG/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.19, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PKG?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
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/pkg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pkg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PKG correlations · VXZ correlations
