PPG vs VXZ: Correlation
Measured on weekly returns over the past three years, PPG Industries (PPG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPG and VXZ?
On 3 years of weekly data the PPG/VXZ correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.41 lands near the 3-year figure. The 5-year figure is -0.49, and annualized covariance runs at -292.5 %².
VXZ is close to the least connected end of PPG's tracked universe, ranking #66 of 67. Correlation aside, the last 12 months split them widely, with PPG ahead by 19.9 points (+3.8% 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.
PPG vs VXZ: side by side
| PPG (PPG Industries) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.8% | -16.1% |
| 5-year return | -22.0% | -53.1% |
| Volatility (ann.) | 25.5% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -37.4% | -36.4% |
| Market cap | $25.2B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.48% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | PPG | VXZ |
|---|---|---|
| 2022 | -25.7% | +0.5% |
| 2023 | +21.2% | -44.0% |
| 2024 | -18.5% | -12.7% |
| 2025 | -12.0% | +5.7% |
| 2026 | +12.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between PPG and VXZ?
As of 2026-08-27, the correlation of weekly returns between PPG and VXZ is -0.45 over 3 years, -0.41 over 1 year and -0.49 over 5 years.
Is VXZ a good diversifier for PPG?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ppg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ppg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PPG correlations · VXZ correlations
