GDYN vs VXZ: Correlation
Measured on weekly returns over the past three years, Grid Dynamics Holdings, Inc. (GDYN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDYN and VXZ?
Over the past 3 years, GDYN and VXZ moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -373.8 %².
Among the 16 assets we track against GDYN, VXZ sits near the bottom by co-movement, at rank #15. On 12-month performance GDYN holds a 13.9-point edge, -2.2% against -16.1%. Risk is not evenly split, since GDYN carries 1.9 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.
GDYN vs VXZ: side by side
| GDYN (Grid Dynamics Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.2% | -16.1% |
| 5-year return | -70.4% | -53.1% |
| Volatility (ann.) | 48.4% | 25.6% |
| Beta vs S&P 500 | 1.54 | -1.31 |
| Max drawdown (3Y) | -78.3% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 263.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDYN | VXZ |
|---|---|---|
| 2022 | -70.5% | +0.5% |
| 2023 | +18.8% | -44.0% |
| 2024 | +66.8% | -12.7% |
| 2025 | -59.4% | +5.7% |
| 2026 | -12.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDYN and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GDYN and VXZ?
The GDYN/VXZ correlation stands at -0.30 on a 3-year window (1 year: -0.22, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GDYN?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/gdyn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdyn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDYN correlations · VXZ correlations
