PNI vs VXX: Correlation
Measured on weekly returns over the past three years, Pimco New York Municipal Income Fund II (PNI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNI and VXX?
Across a 3-year window, the weekly returns of PNI and VXX correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.47 versus -0.30 over 3 years. Stretching to 5 years gives -0.28, with an annualized covariance of -227.5 %².
Out of 18 assets tracked against PNI, VXX lands near the bottom at #17. Their recent paths diverged sharply: over the last 12 months PNI outperformed by 59.0 percentage points (+9.3% for PNI against -49.7% for VXX). Risk is not evenly split, since VXX carries 4.9 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.
PNI vs VXX: side by side
| PNI (Pimco New York Municipal Income Fund II) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.3% | -49.7% |
| 5-year return | -26.1% | -95.6% |
| Volatility (ann.) | 12.4% | 60.9% |
| Beta vs S&P 500 | 0.28 | -3.31 |
| Max drawdown (3Y) | -16.4% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PNI | VXX |
|---|---|---|
| 2022 | -26.5% | -23.8% |
| 2023 | +0.2% | -72.5% |
| 2024 | -1.0% | -26.2% |
| 2025 | +1.4% | -42.2% |
| 2026 | +2.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNI and VXX good diversifiers for each other?
Yes. With a correlation of -0.30, PNI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PNI and VXX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.47 over the last year and -0.28 over 5 years.
Is VXX a good diversifier for PNI?
Yes. With a correlation of -0.30, PNI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/pni-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pni-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PNI correlations · VXX correlations
