GDL vs VXZ: Correlation
Measured on weekly returns over the past three years, GDL Fund, The (GDL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDL and VXZ?
Across a 3-year window, the weekly returns of GDL and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.28 versus -0.39 over 3 years. Stretching to 5 years gives -0.36, with an annualized covariance of -59.8 %².
Among the 10 assets we track against GDL, VXZ sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with GDL ahead by 20.5 points (+4.4% versus -16.1%). Risk is not evenly split, since VXZ carries 4.3 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.
GDL vs VXZ: side by side
| GDL (GDL Fund, The) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.4% | -16.1% |
| 5-year return | +23.0% | -53.1% |
| Volatility (ann.) | 6.0% | 25.6% |
| Beta vs S&P 500 | 0.20 | -1.31 |
| Max drawdown (3Y) | -6.0% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDL | VXZ |
|---|---|---|
| 2022 | -6.9% | +0.5% |
| 2023 | +9.0% | -44.0% |
| 2024 | +5.9% | -12.7% |
| 2025 | +11.8% | +5.7% |
| 2026 | +1.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDL and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GDL and VXZ?
The GDL/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.28, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GDL?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDL correlations · VXZ correlations
