GDYN vs VXX: Correlation
Grid Dynamics Holdings, Inc. (GDYN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDYN and VXX?
On 3 years of weekly data the GDYN/VXX correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -839.4 %².
VXX is close to the least connected end of GDYN's tracked universe, ranking #14 of 16. Their recent paths diverged sharply: over the last 12 months GDYN outperformed by 47.5 percentage points (-2.2% for GDYN against -49.7% for VXX).
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.
GDYN vs VXX: side by side
| GDYN (Grid Dynamics Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.2% | -49.7% |
| 5-year return | -70.4% | -95.6% |
| Volatility (ann.) | 48.4% | 60.9% |
| Beta vs S&P 500 | 1.54 | -3.31 |
| Max drawdown (3Y) | -78.3% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | 263.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDYN | VXX |
|---|---|---|
| 2022 | -70.5% | -23.8% |
| 2023 | +18.8% | -72.5% |
| 2024 | +66.8% | -26.2% |
| 2025 | -59.4% | -42.2% |
| 2026 | -12.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDYN and VXX good diversifiers for each other?
Yes. With a correlation of -0.28, GDYN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GDYN and VXX?
As of 2026-08-27, the correlation of weekly returns between GDYN and VXX is -0.28 over 3 years, -0.26 over 1 year and -0.30 over 5 years.
Is VXX a good diversifier for GDYN?
Yes. With a correlation of -0.28, GDYN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdyn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdyn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDYN correlations · VXX correlations
