GGZ vs VXX: Correlation
How closely do Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.68, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and VXX?
On 3 years of weekly data the GGZ/VXX correlation comes out at -0.68, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.65 lands near the 3-year figure. The 5-year figure is -0.61, and annualized covariance runs at -733.6 %².
Among the 44 assets we track against GGZ, VXX sits near the bottom by co-movement, at rank #44. Their recent paths diverged sharply: over the last 12 months GGZ outperformed by 70.9 percentage points (+21.2% for GGZ against -49.7% for VXX). One caveat on sizing: VXX is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GGZ vs VXX: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.2% | -49.7% |
| 5-year return | +37.8% | -95.6% |
| Volatility (ann.) | 17.8% | 60.9% |
| Beta vs S&P 500 | 0.90 | -3.31 |
| Max drawdown (3Y) | -17.8% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGZ | VXX |
|---|---|---|
| 2022 | -25.5% | -23.8% |
| 2023 | +10.7% | -72.5% |
| 2024 | +5.2% | -26.2% |
| 2025 | +34.9% | -42.2% |
| 2026 | +13.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and VXX good diversifiers for each other?
Yes. With a correlation of -0.68, GGZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GGZ and VXX?
As of 2026-08-27, the correlation of weekly returns between GGZ and VXX is -0.68 over 3 years, -0.65 over 1 year and -0.61 over 5 years.
Is VXX a good diversifier for GGZ?
Yes. With a correlation of -0.68, GGZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.68 mean?
A reading of -0.68 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/ggz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggz-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GGZ correlations · VXX correlations
