GAM vs VXX: Correlation
How closely do General American Investors, Inc. (GAM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.70, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAM and VXX?
Over the past 3 years, GAM and VXX moved with a correlation of -0.70, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.61) sits close to the 3-year figure. Over 5 years the correlation is -0.63, and the annualized covariance of weekly returns is -583.5 %².
VXX is close to the least connected end of GAM's tracked universe, ranking #14 of 14. The last year tells two different stories: GAM led by 75.8 percentage points, +26.1% for GAM against -49.7% for VXX. Risk is not evenly split, since VXX carries 4.5 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.
GAM vs VXX: side by side
| GAM (General American Investors, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.1% | -49.7% |
| 5-year return | +118.0% | -95.6% |
| Volatility (ann.) | 13.6% | 60.9% |
| Beta vs S&P 500 | 0.81 | -3.31 |
| Max drawdown (3Y) | -14.9% | -83.3% |
| Market cap | $1.6B | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 9.47% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAM | VXX |
|---|---|---|
| 2022 | -14.8% | -23.8% |
| 2023 | +26.8% | -72.5% |
| 2024 | +29.5% | -26.2% |
| 2025 | +28.6% | -42.2% |
| 2026 | +15.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAM and VXX good diversifiers for each other?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GAM and VXX?
Using weekly returns as of 2026-08-27: -0.70 over 3 years, with -0.61 over the last year and -0.63 over 5 years.
Is VXX a good diversifier for GAM?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.70 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/gam-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gam-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GAM correlations · VXX correlations
