GHC vs VXX: Correlation
Graham Holdings Company (GHC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHC and VXX?
Over the past 3 years, GHC and VXX moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.34) than the 3-year average (-0.48). Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -785.9 %².
Among the 16 assets we track against GHC, VXX sits near the bottom by co-movement, at rank #16. The last year tells two different stories: GHC led by 54.9 percentage points, +5.2% for GHC against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.3 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.
GHC vs VXX: side by side
| GHC (Graham Holdings Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.2% | -49.7% |
| 5-year return | +94.6% | -95.6% |
| Volatility (ann.) | 26.8% | 60.9% |
| Beta vs S&P 500 | 0.78 | -3.31 |
| Max drawdown (3Y) | -19.8% | -83.3% |
| Market cap | $4.8B | – |
| P/E (trailing) | 9.2 | – |
| Dividend yield | 0.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHC | VXX |
|---|---|---|
| 2022 | -3.0% | -23.8% |
| 2023 | +16.6% | -72.5% |
| 2024 | +26.3% | -26.2% |
| 2025 | +27.0% | -42.2% |
| 2026 | +4.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHC and VXX good diversifiers for each other?
Yes. With a correlation of -0.48, GHC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GHC and VXX?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.34 over the last year and -0.45 over 5 years.
Is VXX a good diversifier for GHC?
Yes. With a correlation of -0.48, GHC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 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/ghc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ghc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GHC correlations · VXX correlations
