PPIH vs VXZ: Correlation
How closely do Perma-Pipe International Holdings, Inc. (PPIH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPIH and VXZ?
Across a 3-year window, the weekly returns of PPIH and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Stretching to 5 years gives -0.15, with an annualized covariance of -412.6 %².
Among the 12 assets we track against PPIH, VXZ sits near the bottom by co-movement, at rank #10. Over the last 12 months PPIH came out ahead by 5.3 percentage points (-10.8% against -16.1%). Risk is not evenly split, since PPIH carries 2.4 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.
PPIH vs VXZ: side by side
| PPIH (Perma-Pipe International Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.8% | -16.1% |
| 5-year return | +284.5% | -53.1% |
| Volatility (ann.) | 60.6% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -45.8% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PPIH | VXZ |
|---|---|---|
| 2022 | +8.9% | +0.5% |
| 2023 | -16.0% | -44.0% |
| 2024 | +88.3% | -12.7% |
| 2025 | +103.1% | +5.7% |
| 2026 | -10.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPIH and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, PPIH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PPIH and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.25 over the last year and -0.15 over 5 years.
Is VXZ a good diversifier for PPIH?
Yes. With a correlation of -0.27, PPIH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/ppih-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ppih-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PPIH correlations · VXZ correlations
