GFAI vs VXZ: Correlation
How closely do Guardforce AI Co., Limited (GFAI) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFAI and VXZ?
On 3 years of weekly data the GFAI/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.31). The 5-year figure is -0.22, and annualized covariance runs at -669.8 %².
Among the 10 assets we track against GFAI, VXZ sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with VXZ ahead by 52.6 points (-68.7% versus -16.1%). Note the risk asymmetry: GFAI runs 3.3 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.
GFAI vs VXZ: side by side
| GFAI (Guardforce AI Co., Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -68.7% | -16.1% |
| 5-year return | -99.8% | -53.1% |
| Volatility (ann.) | 84.4% | 25.6% |
| Beta vs S&P 500 | 2.19 | -1.31 |
| Max drawdown (3Y) | -93.9% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GFAI | VXZ |
|---|---|---|
| 2022 | -88.2% | +0.5% |
| 2023 | -34.6% | -44.0% |
| 2024 | -56.9% | -12.7% |
| 2025 | -61.0% | +5.7% |
| 2026 | -33.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFAI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between GFAI and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.42 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for GFAI?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/gfai-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gfai-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GFAI correlations · VXZ correlations
