GCMG vs VXX: Correlation
Measured on weekly returns over the past three years, GCM Grosvenor Inc. (GCMG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GCMG and VXX?
Across a 3-year window, the weekly returns of GCMG and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.34). Stretching to 5 years gives -0.31, with an annualized covariance of -587.3 %².
Among the 10 assets we track against GCMG, VXX sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months GCMG outperformed by 58.9 percentage points (+9.2% for GCMG against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.2 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.
GCMG vs VXX: side by side
| GCMG (GCM Grosvenor Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.2% | -49.7% |
| 5-year return | +52.8% | -95.6% |
| Volatility (ann.) | 28.2% | 60.9% |
| Beta vs S&P 500 | 0.76 | -3.31 |
| Max drawdown (3Y) | -31.3% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 3.54% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GCMG | VXX |
|---|---|---|
| 2022 | -24.0% | -23.8% |
| 2023 | +24.6% | -72.5% |
| 2024 | +43.0% | -26.2% |
| 2025 | -4.3% | -42.2% |
| 2026 | +23.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GCMG and VXX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GCMG and VXX?
As of 2026-08-27, the correlation of weekly returns between GCMG and VXX is -0.34 over 3 years, -0.24 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for GCMG?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gcmg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gcmg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GCMG correlations · VXX correlations
