GDV vs VXZ: Correlation
How closely do Gabelli Dividend & Income Trust (GDV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.72, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and VXZ?
On 3 years of weekly data the GDV/VXZ correlation comes out at -0.72, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.74) sits close to the 3-year figure. The 5-year figure is -0.70, and annualized covariance runs at -277.9 %².
Among the 71 assets we track against GDV, VXZ sits near the bottom by co-movement, at rank #70. The last year tells two different stories: GDV led by 36.4 percentage points, +20.3% for GDV against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GDV vs VXZ: side by side
| GDV (Gabelli Dividend & Income Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.3% | -16.1% |
| 5-year return | +53.8% | -53.1% |
| Volatility (ann.) | 15.0% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -16.1% | -36.4% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDV | VXZ |
|---|---|---|
| 2022 | -18.6% | +0.5% |
| 2023 | +11.9% | -44.0% |
| 2024 | +18.1% | -12.7% |
| 2025 | +22.8% | +5.7% |
| 2026 | +13.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.72, GDV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GDV and VXZ?
The GDV/VXZ correlation stands at -0.72 on a 3-year window (1 year: -0.74, 5 years: -0.70), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GDV?
Yes. With a correlation of -0.72, GDV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.72 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/gdv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDV correlations · VXZ correlations
