PTLO vs VXZ: Correlation
Measured on weekly returns over the past three years, Portillo's Inc. (PTLO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTLO and VXZ?
Over the past 3 years, PTLO and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -314.8 %².
Out of 11 assets tracked against PTLO, VXZ lands near the bottom at #10. The last year tells two different stories: VXZ led by 19.9 percentage points, -36.0% for PTLO against -16.1% for VXZ. Note the risk asymmetry: PTLO runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PTLO vs VXZ: side by side
| PTLO (Portillo's Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -36.0% | -16.1% |
| 5-year return | -84.6% | -53.1% |
| Volatility (ann.) | 52.1% | 25.6% |
| Beta vs S&P 500 | 0.82 | -1.31 |
| Max drawdown (3Y) | -79.5% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PTLO | VXZ |
|---|---|---|
| 2022 | -56.5% | +0.5% |
| 2023 | -2.4% | -44.0% |
| 2024 | -41.0% | -12.7% |
| 2025 | -51.7% | +5.7% |
| 2026 | -1.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTLO 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 PTLO and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.24 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for PTLO?
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?
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/ptlo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ptlo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PTLO correlations · VXZ correlations
