GGB vs VXZ: Correlation
How closely do Gerdau S.A. (GGB) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and VXZ?
Over the past 3 years, GGB and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.39 over 3. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -351.7 %².
Out of 13 assets tracked against GGB, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with GGB ahead by 73.3 points (+57.2% versus -16.1%).
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 VXZ: side by side
| GGB (Gerdau S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.2% | -16.1% |
| 5-year return | +55.7% | -53.1% |
| Volatility (ann.) | 34.9% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -44.2% | -36.4% |
| Market cap | $9.2B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 17.71% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGB | VXZ |
|---|---|---|
| 2022 | +28.4% | +0.5% |
| 2023 | -1.9% | -44.0% |
| 2024 | -25.9% | -12.7% |
| 2025 | +30.9% | +5.7% |
| 2026 | +30.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GGB and VXZ?
As of 2026-08-27, the correlation of weekly returns between GGB and VXZ is -0.39 over 3 years, -0.35 over 1 year and -0.36 over 5 years.
Is VXZ a good diversifier for GGB?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/ggb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GGB correlations · VXZ correlations
