GBAB vs VXX: Correlation
How closely do Guggenheim Taxable Municipal Bond & Investment Grade Debt (GBAB) 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 -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBAB and VXX?
Over the past 3 years, GBAB and VXX moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus -0.20 over 3 years. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -168.2 %².
Among the 11 assets we track against GBAB, VXX sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with GBAB ahead by 48.7 points (-1.0% versus -49.7%). 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.
GBAB vs VXX: side by side
| GBAB (Guggenheim Taxable Municipal Bond & Investment Grade Debt) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.0% | -49.7% |
| 5-year return | -11.9% | -95.6% |
| Volatility (ann.) | 13.5% | 60.9% |
| Beta vs S&P 500 | 0.20 | -3.31 |
| Max drawdown (3Y) | -17.3% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBAB | VXX |
|---|---|---|
| 2022 | -25.1% | -23.8% |
| 2023 | +8.6% | -72.5% |
| 2024 | +2.9% | -26.2% |
| 2025 | +8.4% | -42.2% |
| 2026 | -0.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBAB and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between GBAB and VXX?
As of 2026-08-27, the correlation of weekly returns between GBAB and VXX is -0.20 over 3 years, -0.43 over 1 year and -0.20 over 5 years.
Is VXX a good diversifier for GBAB?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
A reading of -0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gbab-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbab-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GBAB correlations · VXX correlations
