GBDC vs VXX: Correlation
Measured on weekly returns over the past three years, Golub Capital BDC, Inc. - Closed End Fund (GBDC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBDC and VXX?
Across a 3-year window, the weekly returns of GBDC and VXX correlate at -0.48, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.48). Stretching to 5 years gives -0.44, with an annualized covariance of -459.7 %².
Among the 17 assets we track against GBDC, VXX sits near the bottom by co-movement, at rank #17. The last year tells two different stories: GBDC led by 48.5 percentage points, -1.2% for GBDC against -49.7% for VXX. One caveat on sizing: VXX is 3.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GBDC vs VXX: side by side
| GBDC (Golub Capital BDC, Inc. - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.2% | -49.7% |
| 5-year return | +39.0% | -95.6% |
| Volatility (ann.) | 15.8% | 60.9% |
| Beta vs S&P 500 | 0.47 | -3.31 |
| Max drawdown (3Y) | -18.2% | -83.3% |
| Market cap | $3.4B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 10.98% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBDC | VXX |
|---|---|---|
| 2022 | -7.0% | -23.8% |
| 2023 | +27.7% | -72.5% |
| 2024 | +13.6% | -26.2% |
| 2025 | -0.5% | -42.2% |
| 2026 | +1.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBDC and VXX good diversifiers for each other?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GBDC and VXX?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.25 over the last year and -0.44 over 5 years.
Is VXX a good diversifier for GBDC?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/gbdc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbdc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GBDC correlations · VXX correlations
