PL vs VXZ: Correlation
Planet Labs PBC (PL) 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 PL and VXZ?
On 3 years of weekly data the PL/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.35). The 5-year figure is -0.33, and annualized covariance runs at -799.1 %².
Out of 10 assets tracked against PL, VXZ lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months PL outperformed by 215.0 percentage points (+198.9% for PL against -16.1% for VXZ). Risk is not evenly split, since PL carries 3.5 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.
PL vs VXZ: side by side
| PL (Planet Labs PBC) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +198.9% | -16.1% |
| 5-year return | +114.4% | -53.1% |
| Volatility (ann.) | 89.7% | 25.6% |
| Beta vs S&P 500 | 2.46 | -1.31 |
| Max drawdown (3Y) | -62.1% | -36.4% |
| Market cap | $7.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PL | VXZ |
|---|---|---|
| 2022 | -29.3% | +0.5% |
| 2023 | -43.2% | -44.0% |
| 2024 | +63.6% | -12.7% |
| 2025 | +388.1% | +5.7% |
| 2026 | +7.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PL 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 PL and VXZ?
The PL/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.24, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PL?
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/pl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PL correlations · VXZ correlations
