GGB vs VXX: Correlation
Measured on weekly returns over the past three years, Gerdau S.A. (GGB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and VXX?
Across a 3-year window, the weekly returns of GGB and VXX correlate at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -868.3 %².
Among the 13 assets we track against GGB, VXX sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with GGB ahead by 106.9 points (+57.2% versus -49.7%). Note the risk asymmetry: VXX runs 1.7 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.
GGB vs VXX: side by side
| GGB (Gerdau S.A.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.2% | -49.7% |
| 5-year return | +55.7% | -95.6% |
| Volatility (ann.) | 34.9% | 60.9% |
| Beta vs S&P 500 | 1.02 | -3.31 |
| Max drawdown (3Y) | -44.2% | -83.3% |
| Market cap | $9.2B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 17.71% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGB | VXX |
|---|---|---|
| 2022 | +28.4% | -23.8% |
| 2023 | -1.9% | -72.5% |
| 2024 | -25.9% | -26.2% |
| 2025 | +30.9% | -42.2% |
| 2026 | +30.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and VXX good diversifiers for each other?
Yes. With a correlation of -0.41, GGB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GGB and VXX?
The GGB/VXX correlation stands at -0.41 on a 3-year window (1 year: -0.34, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for GGB?
Yes. With a correlation of -0.41, GGB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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/ggb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GGB correlations · VXX correlations
