GAIN vs VXX: Correlation
Measured on weekly returns over the past three years, Gl (GAIN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAIN and VXX?
Across a 3-year window, the weekly returns of GAIN and VXX correlate at -0.40, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -494.8 %².
Out of 10 assets tracked against GAIN, VXX lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with GAIN ahead by 74.6 points (+24.9% versus -49.7%). Risk is not evenly split, since VXX carries 3.0 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.
GAIN vs VXX: side by side
| GAIN (Gl) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.9% | -49.7% |
| 5-year return | +92.6% | -95.6% |
| Volatility (ann.) | 20.1% | 60.9% |
| Beta vs S&P 500 | 0.61 | -3.31 |
| Max drawdown (3Y) | -14.8% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 5.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAIN | VXX |
|---|---|---|
| 2022 | -17.5% | -23.8% |
| 2023 | +31.0% | -72.5% |
| 2024 | +5.3% | -26.2% |
| 2025 | +17.1% | -42.2% |
| 2026 | +22.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAIN and VXX good diversifiers for each other?
Yes. With a correlation of -0.40, GAIN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GAIN and VXX?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.34 over the last year and -0.40 over 5 years.
Is VXX a good diversifier for GAIN?
Yes. With a correlation of -0.40, GAIN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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/gain-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gain-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GAIN correlations · VXX correlations
