GF vs VXZ: Correlation
Measured on weekly returns over the past three years, New Germany Fund, Inc. (The) (GF) 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 GF and VXZ?
On 3 years of weekly data the GF/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.58) than the 3-year average (-0.39). The 5-year figure is -0.48, and annualized covariance runs at -207.5 %².
Out of 14 assets tracked against GF, VXZ lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months GF outperformed by 18.9 percentage points (+2.8% for GF against -16.1% for VXZ).
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 VXZ: side by side
| GF (New Germany Fund, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.8% | -16.1% |
| 5-year return | -16.5% | -53.1% |
| Volatility (ann.) | 20.9% | 25.6% |
| Beta vs S&P 500 | 0.76 | -1.31 |
| Max drawdown (3Y) | -18.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 1.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GF | VXZ |
|---|---|---|
| 2022 | -42.2% | +0.5% |
| 2023 | +11.7% | -44.0% |
| 2024 | -10.0% | -12.7% |
| 2025 | +48.3% | +5.7% |
| 2026 | +3.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GF 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 GF and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.58 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for GF?
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?
On the −1 to +1 scale, -0.39 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GF correlations · VXZ correlations
