PKOH vs VXZ: Correlation
Measured on weekly returns over the past three years, Park-Ohio Holdings Corp. (PKOH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PKOH and VXZ?
On 3 years of weekly data the PKOH/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -404.0 %².
Among the 13 assets we track against PKOH, VXZ sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months PKOH outperformed by 162.1 percentage points (+146.0% for PKOH against -16.1% for VXZ). Note the risk asymmetry: PKOH runs 1.7 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.
PKOH vs VXZ: side by side
| PKOH (Park-Ohio Holdings Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +146.0% | -16.1% |
| 5-year return | +101.4% | -53.1% |
| Volatility (ann.) | 43.9% | 25.6% |
| Beta vs S&P 500 | 1.33 | -1.31 |
| Max drawdown (3Y) | -52.5% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 24.6 | – |
| Dividend yield | 1.09% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PKOH | VXZ |
|---|---|---|
| 2022 | -40.3% | +0.5% |
| 2023 | +127.1% | -44.0% |
| 2024 | -0.8% | -12.7% |
| 2025 | -18.3% | +5.7% |
| 2026 | +129.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PKOH and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, PKOH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PKOH and VXZ?
The PKOH/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.28, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PKOH?
Yes. With a correlation of -0.36, PKOH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 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/pkoh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pkoh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PKOH correlations · VXZ correlations
