PLGO vs VXZ: Correlation
How closely do Pelagos Insurance Capital Limited (PLGO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLGO and VXZ?
Across a 3-year window, the weekly returns of PLGO and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.26 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -193.2 %².
Among the 12 assets we track against PLGO, VXZ sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with PLGO ahead by 60.2 points (+44.1% versus -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.
PLGO vs VXZ: side by side
| PLGO (Pelagos Insurance Capital Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +44.1% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 29.5% | 25.6% |
| Beta vs S&P 500 | 0.43 | -1.31 |
| Max drawdown (3Y) | -29.9% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | 6.1 | – |
| Dividend yield | 2.45% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PLGO | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +46.3% | -12.7% |
| 2025 | +9.4% | +5.7% |
| 2026 | +26.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLGO and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PLGO and VXZ?
As of 2026-08-27, the correlation of weekly returns between PLGO and VXZ is -0.26 over 3 years, -0.11 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for PLGO?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/plgo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/plgo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PLGO correlations · VXZ correlations
