GAIN vs VXZ: Correlation
Gl (GAIN) 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 -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAIN and VXZ?
Over the past 3 years, GAIN and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -207.8 %².
Out of 10 assets tracked against GAIN, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with GAIN ahead by 41.0 points (+24.9% versus -16.1%).
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 VXZ: side by side
| GAIN (Gl) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.9% | -16.1% |
| 5-year return | +92.6% | -53.1% |
| Volatility (ann.) | 20.1% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -14.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 5.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAIN | VXZ |
|---|---|---|
| 2022 | -17.5% | +0.5% |
| 2023 | +31.0% | -44.0% |
| 2024 | +5.3% | -12.7% |
| 2025 | +17.1% | +5.7% |
| 2026 | +22.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAIN and VXZ good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GAIN and VXZ?
As of 2026-08-27, the correlation of weekly returns between GAIN and VXZ is -0.40 over 3 years, -0.35 over 1 year and -0.44 over 5 years.
Is VXZ a good diversifier for GAIN?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/gain-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gain-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GAIN correlations · VXZ correlations
