GCMG vs VXZ: Correlation
Measured on weekly returns over the past three years, GCM Grosvenor Inc. (GCMG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GCMG and VXZ?
Over the past 3 years, GCMG and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -253.7 %².
Out of 10 assets tracked against GCMG, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months GCMG outperformed by 25.3 percentage points (+9.2% for GCMG 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.
GCMG vs VXZ: side by side
| GCMG (GCM Grosvenor Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.2% | -16.1% |
| 5-year return | +52.8% | -53.1% |
| Volatility (ann.) | 28.2% | 25.6% |
| Beta vs S&P 500 | 0.76 | -1.31 |
| Max drawdown (3Y) | -31.3% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 3.54% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GCMG | VXZ |
|---|---|---|
| 2022 | -24.0% | +0.5% |
| 2023 | +24.6% | -44.0% |
| 2024 | +43.0% | -12.7% |
| 2025 | -4.3% | +5.7% |
| 2026 | +23.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GCMG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, GCMG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GCMG and VXZ?
The GCMG/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.30, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GCMG?
Yes. With a correlation of -0.35, GCMG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/gcmg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gcmg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GCMG correlations · VXZ correlations
