PTGX vs VXZ: Correlation
Protagonist Therapeutics, Inc. (PTGX) 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 -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTGX and VXZ?
Over the past 3 years, PTGX and VXZ moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.18 versus -0.22 over 3 years. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -297.7 %².
Among the 11 assets we track against PTGX, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with PTGX ahead by 159.5 points (+143.4% versus -16.1%). One caveat on sizing: PTGX is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PTGX vs VXZ: side by side
| PTGX (Protagonist Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +143.4% | -16.1% |
| 5-year return | +219.7% | -53.1% |
| Volatility (ann.) | 53.0% | 25.6% |
| Beta vs S&P 500 | 0.49 | -1.31 |
| Max drawdown (3Y) | -31.6% | -36.4% |
| Market cap | $9.7B | – |
| P/E (trailing) | 145.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PTGX | VXZ |
|---|---|---|
| 2022 | -68.1% | +0.5% |
| 2023 | +110.2% | -44.0% |
| 2024 | +68.3% | -12.7% |
| 2025 | +126.3% | +5.7% |
| 2026 | +71.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTGX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between PTGX and VXZ?
The PTGX/VXZ correlation stands at -0.22 on a 3-year window (1 year: 0.18, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PTGX?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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/ptgx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ptgx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PTGX correlations · VXZ correlations
