GAM vs VXZ: Correlation
General American Investors, Inc. (GAM) 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 -0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAM and VXZ?
Over the past 3 years, GAM and VXZ moved with a correlation of -0.66, which is 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. Over 5 years the correlation is -0.64, and the annualized covariance of weekly returns is -229.1 %².
Out of 14 assets tracked against GAM, VXZ lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months GAM outperformed by 42.2 percentage points (+26.1% for GAM against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXZ: side by side
| GAM (General American Investors, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.1% | -16.1% |
| 5-year return | +118.0% | -53.1% |
| Volatility (ann.) | 13.6% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -14.9% | -36.4% |
| Market cap | $1.6B | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 9.47% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAM | VXZ |
|---|---|---|
| 2022 | -14.8% | +0.5% |
| 2023 | +26.8% | -44.0% |
| 2024 | +29.5% | -12.7% |
| 2025 | +28.6% | +5.7% |
| 2026 | +15.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAM and VXZ good diversifiers for each other?
Yes: at -0.66, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GAM and VXZ?
Using weekly returns as of 2026-08-27: -0.66 over 3 years, with -0.56 over the last year and -0.64 over 5 years.
Is VXZ a good diversifier for GAM?
Yes: at -0.66, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.66 mean?
On the −1 to +1 scale, -0.66 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/gam-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gam-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GAM correlations · VXZ correlations
