GBCI vs VXX: Correlation
How closely do Glacier Bancorp, Inc. (GBCI) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBCI and VXX?
Across a 3-year window, the weekly returns of GBCI and VXX correlate at -0.45, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.25) than the 3-year average (-0.45). Stretching to 5 years gives -0.43, with an annualized covariance of -900.5 %².
VXX is close to the least connected end of GBCI's tracked universe, ranking #14 of 15. The last year tells two different stories: GBCI led by 49.8 percentage points, +0.1% for GBCI against -49.7% for VXX. Note the risk asymmetry: VXX 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.
GBCI vs VXX: side by side
| GBCI (Glacier Bancorp, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.1% | -49.7% |
| 5-year return | +4.0% | -95.6% |
| Volatility (ann.) | 32.6% | 60.9% |
| Beta vs S&P 500 | 0.87 | -3.31 |
| Max drawdown (3Y) | -34.8% | -83.3% |
| Market cap | $6.2B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 2.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBCI | VXX |
|---|---|---|
| 2022 | -10.4% | -23.8% |
| 2023 | -13.0% | -72.5% |
| 2024 | +25.4% | -26.2% |
| 2025 | -9.6% | -42.2% |
| 2026 | +8.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBCI and VXX good diversifiers for each other?
Yes. With a correlation of -0.45, GBCI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GBCI and VXX?
As of 2026-08-27, the correlation of weekly returns between GBCI and VXX is -0.45 over 3 years, -0.25 over 1 year and -0.43 over 5 years.
Is VXX a good diversifier for GBCI?
Yes. With a correlation of -0.45, GBCI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
A reading of -0.45 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/gbci-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbci-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GBCI correlations · VXX correlations
