PML vs VXX: Correlation
Measured on weekly returns over the past three years, Pimco Municipal Income Fund II (PML) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PML and VXX?
On 3 years of weekly data the PML/VXX correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.27 over 3. The 5-year figure is -0.26, and annualized covariance runs at -242.0 %².
Among the 18 assets we track against PML, VXX sits near the bottom by co-movement, at rank #16. Their recent paths diverged sharply: over the last 12 months PML outperformed by 58.4 percentage points (+8.7% for PML against -49.7% for VXX). One caveat on sizing: VXX is 4.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PML vs VXX: side by side
| PML (Pimco Municipal Income Fund II) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.7% | -49.7% |
| 5-year return | -34.6% | -95.6% |
| Volatility (ann.) | 14.5% | 60.9% |
| Beta vs S&P 500 | 0.30 | -3.31 |
| Max drawdown (3Y) | -21.5% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 735.0 | – |
| Dividend yield | 6.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PML | VXX |
|---|---|---|
| 2022 | -34.1% | -23.8% |
| 2023 | -3.0% | -72.5% |
| 2024 | +3.0% | -26.2% |
| 2025 | -0.8% | -42.2% |
| 2026 | +1.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PML and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between PML and VXX?
The PML/VXX correlation stands at -0.27 on a 3-year window (1 year: -0.28, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PML?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/pml-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pml-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PML correlations · VXX correlations
