PTEN vs VXZ: Correlation
How closely do Patterson-UTI Energy, Inc. (PTEN) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTEN and VXZ?
On 3 years of weekly data the PTEN/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.17) runs above the 3-year figure (-0.24). The 5-year figure is -0.30, and annualized covariance runs at -298.8 %².
Among the 23 assets we track against PTEN, VXZ sits near the bottom by co-movement, at rank #21. Their recent paths diverged sharply: over the last 12 months PTEN outperformed by 141.5 percentage points (+125.4% for PTEN against -16.1% for VXZ). Risk is not evenly split, since PTEN carries 1.9 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.
PTEN vs VXZ: side by side
| PTEN (Patterson-UTI Energy, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +125.4% | -16.1% |
| 5-year return | +84.8% | -53.1% |
| Volatility (ann.) | 48.6% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -64.6% | -36.4% |
| Market cap | $4.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.06% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PTEN | VXZ |
|---|---|---|
| 2022 | +101.7% | +0.5% |
| 2023 | -34.2% | -44.0% |
| 2024 | -21.0% | -12.7% |
| 2025 | -22.1% | +5.7% |
| 2026 | +104.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTEN and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PTEN and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.17 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for PTEN?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/pten-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pten-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PTEN correlations · VXZ correlations
