PYT vs VXZ: Correlation
PPlus Tr GSC-2 Tr Ctf Fltg Rate (PYT) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PYT and VXZ?
Over the past 3 years, PYT and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.09 versus -0.24 over 3 years. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -58.5 %².
Among the 11 assets we track against PYT, VXZ sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months PYT outperformed by 21.2 percentage points (+5.1% for PYT against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 2.6 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.
PYT vs VXZ: side by side
| PYT (PPlus Tr GSC-2 Tr Ctf Fltg Rate) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.1% | -16.1% |
| 5-year return | +19.5% | -53.1% |
| Volatility (ann.) | 9.7% | 25.6% |
| Beta vs S&P 500 | 0.15 | -1.31 |
| Max drawdown (3Y) | -6.1% | -36.4% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PYT | VXZ |
|---|---|---|
| 2022 | -14.1% | +0.5% |
| 2023 | +10.8% | -44.0% |
| 2024 | +8.3% | -12.7% |
| 2025 | +8.2% | +5.7% |
| 2026 | +4.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PYT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, PYT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PYT and VXZ?
The PYT/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.09, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PYT?
Yes. With a correlation of -0.24, PYT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/pyt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pyt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PYT correlations · VXZ correlations
