GFF vs VXZ: Correlation
How closely do Griffon Corporation (GFF) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFF and VXZ?
Across a 3-year window, the weekly returns of GFF and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -373.3 %².
VXZ is close to the least connected end of GFF's tracked universe, ranking #26 of 26. Correlation aside, the last 12 months split them widely, with GFF ahead by 44.5 points (+28.4% versus -16.1%). Note the risk asymmetry: GFF runs 1.5 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.
GFF vs VXZ: side by side
| GFF (Griffon Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.4% | -16.1% |
| 5-year return | +396.8% | -53.1% |
| Volatility (ann.) | 38.7% | 25.6% |
| Beta vs S&P 500 | 1.14 | -1.31 |
| Max drawdown (3Y) | -27.9% | -36.4% |
| Market cap | $4.5B | – |
| P/E (trailing) | 21.1 | – |
| Dividend yield | 0.83% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GFF | VXZ |
|---|---|---|
| 2022 | +36.9% | +0.5% |
| 2023 | +84.0% | -44.0% |
| 2024 | +18.0% | -12.7% |
| 2025 | +4.4% | +5.7% |
| 2026 | +35.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFF and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between GFF and VXZ?
As of 2026-08-27, the correlation of weekly returns between GFF and VXZ is -0.38 over 3 years, -0.37 over 1 year and -0.38 over 5 years.
Is VXZ a good diversifier for GFF?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 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/gff-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gff-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GFF correlations · VXZ correlations
