PPIH vs VXX: Correlation
Measured on weekly returns over the past three years, Perma-Pipe International Holdings, Inc. (PPIH) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPIH and VXX?
On 3 years of weekly data the PPIH/VXX correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.29 over 3. The 5-year figure is -0.19, and annualized covariance runs at -1083.7 %².
Among the 12 assets we track against PPIH, VXX sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months PPIH outperformed by 38.9 percentage points (-10.8% for PPIH against -49.7% for VXX).
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.
PPIH vs VXX: side by side
| PPIH (Perma-Pipe International Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.8% | -49.7% |
| 5-year return | +284.5% | -95.6% |
| Volatility (ann.) | 60.6% | 60.9% |
| Beta vs S&P 500 | 0.98 | -3.31 |
| Max drawdown (3Y) | -45.8% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PPIH | VXX |
|---|---|---|
| 2022 | +8.9% | -23.8% |
| 2023 | -16.0% | -72.5% |
| 2024 | +88.3% | -26.2% |
| 2025 | +103.1% | -42.2% |
| 2026 | -10.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPIH and VXX good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PPIH and VXX?
The PPIH/VXX correlation stands at -0.29 on a 3-year window (1 year: -0.20, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for PPIH?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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/ppih-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ppih-vs-vxx/)
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Related comparisons
Hubs: PPIH correlations · VXX correlations
