PUBM vs VXZ: Correlation
How closely do PubMatic, Inc. (PUBM) 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 PUBM and VXZ?
On 3 years of weekly data the PUBM/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.27). The 5-year figure is -0.31, and annualized covariance runs at -419.9 %².
Among the 17 assets we track against PUBM, VXZ sits near the bottom by co-movement, at rank #16. Their recent paths diverged sharply: over the last 12 months PUBM outperformed by 107.8 percentage points (+91.7% for PUBM against -16.1% for VXZ). Risk is not evenly split, since PUBM 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.
PUBM vs VXZ: side by side
| PUBM (PubMatic, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +91.7% | -16.1% |
| 5-year return | -40.5% | -53.1% |
| Volatility (ann.) | 61.6% | 25.6% |
| Beta vs S&P 500 | 1.56 | -1.31 |
| Max drawdown (3Y) | -73.9% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PUBM | VXZ |
|---|---|---|
| 2022 | -62.4% | +0.5% |
| 2023 | +27.3% | -44.0% |
| 2024 | -9.9% | -12.7% |
| 2025 | -39.6% | +5.7% |
| 2026 | +84.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PUBM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, PUBM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PUBM and VXZ?
As of 2026-08-27, the correlation of weekly returns between PUBM and VXZ is -0.27 over 3 years, -0.15 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for PUBM?
Yes. With a correlation of -0.27, PUBM 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/pubm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pubm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PUBM correlations · VXZ correlations
