GBCI vs VXZ: Correlation
Measured on weekly returns over the past three years, Glacier Bancorp, Inc. (GBCI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBCI and VXZ?
On 3 years of weekly data the GBCI/VXZ correlation comes out at -0.47, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.47 over 3. The 5-year figure is -0.46, and annualized covariance runs at -389.3 %².
Among the 15 assets we track against GBCI, VXZ sits near the bottom by co-movement, at rank #15. The last year tells two different stories: GBCI led by 16.2 percentage points, +0.1% for GBCI against -16.1% for VXZ.
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 VXZ: side by side
| GBCI (Glacier Bancorp, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.1% | -16.1% |
| 5-year return | +4.0% | -53.1% |
| Volatility (ann.) | 32.6% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -34.8% | -36.4% |
| Market cap | $6.2B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 2.80% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBCI | VXZ |
|---|---|---|
| 2022 | -10.4% | +0.5% |
| 2023 | -13.0% | -44.0% |
| 2024 | +25.4% | -12.7% |
| 2025 | -9.6% | +5.7% |
| 2026 | +8.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBCI and VXZ good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GBCI and VXZ?
The GBCI/VXZ correlation stands at -0.47 on a 3-year window (1 year: -0.37, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GBCI?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
A reading of -0.47 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbci-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GBCI correlations · VXZ correlations
