PNI vs VXZ: Correlation
Pimco New York Municipal Income Fund II (PNI) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNI and VXZ?
Across a 3-year window, the weekly returns of PNI and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.45) than the 3-year average (-0.33). Stretching to 5 years gives -0.28, with an annualized covariance of -106.6 %².
VXZ is close to the least connected end of PNI's tracked universe, ranking #18 of 18. Their recent paths diverged sharply: over the last 12 months PNI outperformed by 25.4 percentage points (+9.3% for PNI against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 2.1 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 VXZ: side by side
| PNI (Pimco New York Municipal Income Fund II) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.3% | -16.1% |
| 5-year return | -26.1% | -53.1% |
| Volatility (ann.) | 12.4% | 25.6% |
| Beta vs S&P 500 | 0.28 | -1.31 |
| Max drawdown (3Y) | -16.4% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.18% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PNI | VXZ |
|---|---|---|
| 2022 | -26.5% | +0.5% |
| 2023 | +0.2% | -44.0% |
| 2024 | -1.0% | -12.7% |
| 2025 | +1.4% | +5.7% |
| 2026 | +2.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNI and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PNI and VXZ?
The PNI/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.45, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PNI?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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/pni-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pni-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PNI correlations · VXZ correlations
