GCV vs VXZ: Correlation
Gabelli Convertible and Income Securities Fund, Inc. (The) (GCV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GCV and VXZ?
On 3 years of weekly data the GCV/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -164.1 %².
VXZ is close to the least connected end of GCV's tracked universe, ranking #13 of 13. The last year tells two different stories: GCV led by 42.8 percentage points, +26.7% for GCV against -16.1% for VXZ. One caveat on sizing: VXZ is 1.6 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.
GCV vs VXZ: side by side
| GCV (Gabelli Convertible and Income Securities Fund, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.7% | -16.1% |
| 5-year return | +23.7% | -53.1% |
| Volatility (ann.) | 15.8% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -18.3% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 10.48% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GCV | VXZ |
|---|---|---|
| 2022 | -23.9% | +0.5% |
| 2023 | -15.6% | -44.0% |
| 2024 | +19.9% | -12.7% |
| 2025 | +22.9% | +5.7% |
| 2026 | +16.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GCV and VXZ good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GCV and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.40 over the last year and -0.34 over 5 years.
Is VXZ a good diversifier for GCV?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/gcv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gcv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GCV correlations · VXZ correlations
