GAB vs VXZ: Correlation
Gabelli Equity Trust, Inc. (The) (GAB) 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 -0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAB and VXZ?
Across a 3-year window, the weekly returns of GAB and VXZ correlate at -0.56, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.56 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -232.1 %².
Out of 16 assets tracked against GAB, VXZ lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months GAB outperformed by 21.9 percentage points (+5.8% for GAB against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 1.6 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.
GAB vs VXZ: side by side
| GAB (Gabelli Equity Trust, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.8% | -16.1% |
| 5-year return | +40.3% | -53.1% |
| Volatility (ann.) | 16.2% | 25.6% |
| Beta vs S&P 500 | 0.72 | -1.31 |
| Max drawdown (3Y) | -14.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 5.8 | – |
| Dividend yield | 10.54% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAB | VXZ |
|---|---|---|
| 2022 | -16.3% | +0.5% |
| 2023 | +3.4% | -44.0% |
| 2024 | +18.0% | -12.7% |
| 2025 | +27.0% | +5.7% |
| 2026 | -1.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
FAQ
What is the correlation between GAB and VXZ?
Using weekly returns as of 2026-08-27: -0.56 over 3 years, with -0.56 over the last year and -0.50 over 5 years.
Is VXZ a good diversifier for GAB?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
What does a correlation of -0.56 mean?
A reading of -0.56 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/gab-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gab-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GAB correlations · VXZ correlations
