GFS vs VXX: Correlation
GlobalFoundries Inc. (GFS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFS and VXX?
Across a 3-year window, the weekly returns of GFS and VXX correlate at -0.43, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.43). Stretching to 5 years gives -0.31, with an annualized covariance of -1182.6 %².
Out of 17 assets tracked against GFS, VXX lands near the bottom at #17. Their recent paths diverged sharply: over the last 12 months GFS outperformed by 86.3 percentage points (+36.6% for GFS against -49.7% for VXX).
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.
GFS vs VXX: side by side
| GFS (GlobalFoundries Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.6% | -49.7% |
| 5-year return | +0.0% | -95.6% |
| Volatility (ann.) | 44.9% | 60.9% |
| Beta vs S&P 500 | 1.69 | -3.31 |
| Max drawdown (3Y) | -51.2% | -83.3% |
| Market cap | $25.4B | – |
| P/E (trailing) | 35.6 | – |
| Dividend yield | 0.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GFS | VXX |
|---|---|---|
| 2022 | -17.1% | -23.8% |
| 2023 | +12.5% | -72.5% |
| 2024 | -29.2% | -26.2% |
| 2025 | -18.6% | -42.2% |
| 2026 | +32.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFS and VXX good diversifiers for each other?
Yes. With a correlation of -0.43, GFS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GFS and VXX?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.17 over the last year and -0.31 over 5 years.
Is VXX a good diversifier for GFS?
Yes. With a correlation of -0.43, GFS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/gfs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gfs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GFS correlations · VXX correlations
