GGZ vs VXZ: Correlation
Measured on weekly returns over the past three years, Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.65, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and VXZ?
Across a 3-year window, the weekly returns of GGZ and VXZ correlate at -0.65, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.69 over 1 year against -0.65 over 3. Stretching to 5 years gives -0.65, with an annualized covariance of -296.1 %².
VXZ is close to the least connected end of GGZ's tracked universe, ranking #43 of 44. Their recent paths diverged sharply: over the last 12 months GGZ outperformed by 37.3 percentage points (+21.2% for GGZ against -16.1% for VXZ).
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 VXZ: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.2% | -16.1% |
| 5-year return | +37.8% | -53.1% |
| Volatility (ann.) | 17.8% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -17.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGZ | VXZ |
|---|---|---|
| 2022 | -25.5% | +0.5% |
| 2023 | +10.7% | -44.0% |
| 2024 | +5.2% | -12.7% |
| 2025 | +34.9% | +5.7% |
| 2026 | +13.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.65 means the two rarely move for the same reasons.
FAQ
What is the correlation between GGZ and VXZ?
The GGZ/VXZ correlation stands at -0.65 on a 3-year window (1 year: -0.69, 5 years: -0.65), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GGZ?
By historical standards, yes. A correlation of -0.65 means the two rarely move for the same reasons.
What does a correlation of -0.65 mean?
On the −1 to +1 scale, -0.65 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/ggz-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GGZ correlations · VXZ correlations
