GBTG vs VXX: Correlation
Global Business Travel Group, Inc. (GBTG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBTG and VXX?
Over the past 3 years, GBTG and VXX moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.31). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -960.7 %².
Among the 27 assets we track against GBTG, VXX sits near the bottom by co-movement, at rank #26. Correlation aside, the last 12 months split them widely, with GBTG ahead by 64.5 points (+14.8% versus -49.7%).
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.
GBTG vs VXX: side by side
| GBTG (Global Business Travel Group, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.8% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 50.5% | 60.9% |
| Beta vs S&P 500 | 1.39 | -3.31 |
| Max drawdown (3Y) | -48.0% | -83.3% |
| Market cap | $4.9B | – |
| P/E (trailing) | 59.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBTG | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | -4.4% | -72.5% |
| 2024 | +43.9% | -26.2% |
| 2025 | -17.6% | -42.2% |
| 2026 | +23.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBTG and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between GBTG and VXX?
As of 2026-08-27, the correlation of weekly returns between GBTG and VXX is -0.31 over 3 years, -0.13 over 1 year and -0.32 over 5 years.
Is VXX a good diversifier for GBTG?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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/gbtg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbtg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GBTG correlations · VXX correlations
