In this study, blends of virgin and recycled polyethylene (PE) and poly(vinyl chloride) (PVC), with a methylmethacrylate-ethylacrylate copolymer as a processing aid, were prepared in the molten state. Different additives such as ethylene-vinylacetate copolymers, ethylene-methacrylic acid ionomer, and two peroxides (dibenzoyl and dicumyl), in the presence of a coupling agent, were used to compatibilize the blend or possibly induce graft structures. The blends’ morphologies, tensile properties, and impact properties were studied. For blends with low copolymer concentration (below 3 wt%) the mechanical test data indicated a good performance. In the case of blends with ethylene methacrylic acid ionomer, improvements in the mechanical properties were obtained also at higher additive concentrations. Of the two peroxides, better results were obtained using the dibenzoyl one. The morphological studies indicated that the blends that showed good mechanical properties were better dispersed and had improved interphase adhesion.