GDL vs VXX: Correlation
Measured on weekly returns over the past three years, GDL Fund, The (GDL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDL and VXX?
Across a 3-year window, the weekly returns of GDL and VXX correlate at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.27 versus -0.43 over 3 years. Stretching to 5 years gives -0.36, with an annualized covariance of -158.6 %².
VXX is close to the least connected end of GDL's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months GDL outperformed by 54.1 percentage points (+4.4% for GDL against -49.7% for VXX). One caveat on sizing: VXX is 10.2 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.
GDL vs VXX: side by side
| GDL (GDL Fund, The) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.4% | -49.7% |
| 5-year return | +23.0% | -95.6% |
| Volatility (ann.) | 6.0% | 60.9% |
| Beta vs S&P 500 | 0.20 | -3.31 |
| Max drawdown (3Y) | -6.0% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDL | VXX |
|---|---|---|
| 2022 | -6.9% | -23.8% |
| 2023 | +9.0% | -72.5% |
| 2024 | +5.9% | -26.2% |
| 2025 | +11.8% | -42.2% |
| 2026 | +1.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between GDL and VXX?
As of 2026-08-27, the correlation of weekly returns between GDL and VXX is -0.43 over 3 years, -0.27 over 1 year and -0.36 over 5 years.
Is VXX a good diversifier for GDL?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 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/gdl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDL correlations · VXX correlations
