GAP vs VXZ: Correlation
How closely do Gap, Inc. (The) (GAP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAP and VXZ?
Over the past 3 years, GAP and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -364.6 %².
Out of 11 assets tracked against GAP, VXZ lands near the bottom at #10. On 12-month performance GAP holds a 12.2-point edge, -3.9% against -16.1%. Note the risk asymmetry: GAP runs 2.1 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.
GAP vs VXZ: side by side
| GAP (Gap, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.9% | -16.1% |
| 5-year return | -5.3% | -53.1% |
| Volatility (ann.) | 54.0% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -38.0% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 3.17% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAP | VXZ |
|---|---|---|
| 2022 | -32.6% | +0.5% |
| 2023 | +96.7% | -44.0% |
| 2024 | +16.1% | -12.7% |
| 2025 | +11.7% | +5.7% |
| 2026 | -16.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, GAP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GAP and VXZ?
The GAP/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.36, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GAP?
Yes. With a correlation of -0.26, GAP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/gap-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gap-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GAP correlations · VXZ correlations
