GF vs VXX: Correlation
Measured on weekly returns over the past three years, New Germany Fund, Inc. (The) (GF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GF and VXX?
Over the past 3 years, GF and VXX moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.64) than the 3-year average (-0.47). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -597.8 %².
VXX is close to the least connected end of GF's tracked universe, ranking #14 of 14. The last year tells two different stories: GF led by 52.5 percentage points, +2.8% for GF against -49.7% for VXX. One caveat on sizing: VXX is 2.9 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.
GF vs VXX: side by side
| GF (New Germany Fund, Inc. (The)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.8% | -49.7% |
| 5-year return | -16.5% | -95.6% |
| Volatility (ann.) | 20.9% | 60.9% |
| Beta vs S&P 500 | 0.76 | -3.31 |
| Max drawdown (3Y) | -18.1% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GF | VXX |
|---|---|---|
| 2022 | -42.2% | -23.8% |
| 2023 | +11.7% | -72.5% |
| 2024 | -10.0% | -26.2% |
| 2025 | +48.3% | -42.2% |
| 2026 | +3.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GF and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between GF and VXX?
The GF/VXX correlation stands at -0.47 on a 3-year window (1 year: -0.64, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for GF?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GF correlations · VXX correlations
