GFS vs VXZ: Correlation
GlobalFoundries Inc. (GFS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFS and VXZ?
Across a 3-year window, the weekly returns of GFS and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.42). Stretching to 5 years gives -0.35, with an annualized covariance of -486.8 %².
Out of 17 assets tracked against GFS, VXZ lands near the bottom at #15. Correlation aside, the last 12 months split them widely, with GFS ahead by 52.7 points (+36.6% versus -16.1%). Risk is not evenly split, since GFS carries 1.8 times the volatility of the other side.
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 VXZ: side by side
| GFS (GlobalFoundries Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.6% | -16.1% |
| 5-year return | +0.0% | -53.1% |
| Volatility (ann.) | 44.9% | 25.6% |
| Beta vs S&P 500 | 1.69 | -1.31 |
| Max drawdown (3Y) | -51.2% | -36.4% |
| Market cap | $25.4B | – |
| P/E (trailing) | 35.6 | – |
| Dividend yield | 0.26% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GFS | VXZ |
|---|---|---|
| 2022 | -17.1% | +0.5% |
| 2023 | +12.5% | -44.0% |
| 2024 | -29.2% | -12.7% |
| 2025 | -18.6% | +5.7% |
| 2026 | +32.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFS and VXZ good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GFS and VXZ?
The GFS/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.15, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GFS?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
A reading of -0.42 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/gfs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gfs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GFS correlations · VXZ correlations
