PZZA vs VXZ: Correlation
How closely do Papa John's International, Inc. (PZZA) 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 -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PZZA and VXZ?
On 3 years of weekly data the PZZA/VXZ correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -272.6 %².
Out of 12 assets tracked against PZZA, VXZ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with VXZ ahead by 34.2 points (-50.3% versus -16.1%). Note the risk asymmetry: PZZA runs 1.9 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.
PZZA vs VXZ: side by side
| PZZA (Papa John's International, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -50.3% | -16.1% |
| 5-year return | -78.5% | -53.1% |
| Volatility (ann.) | 48.3% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -66.8% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 7.79% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PZZA | VXZ |
|---|---|---|
| 2022 | -37.3% | +0.5% |
| 2023 | -5.3% | -44.0% |
| 2024 | -44.2% | -12.7% |
| 2025 | -2.0% | +5.7% |
| 2026 | -38.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PZZA 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 PZZA and VXZ?
As of 2026-08-27, the correlation of weekly returns between PZZA and VXZ is -0.22 over 3 years, -0.28 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for PZZA?
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?
On the −1 to +1 scale, -0.22 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/pzza-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pzza-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PZZA correlations · VXZ correlations
