GHC vs VXZ: Correlation
How closely do Graham Holdings Company (GHC) 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 -0.47, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHC and VXZ?
Over the past 3 years, GHC and VXZ moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.47 over 3. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -326.1 %².
VXZ is close to the least connected end of GHC's tracked universe, ranking #15 of 16. Their recent paths diverged sharply: over the last 12 months GHC outperformed by 21.3 percentage points (+5.2% for GHC 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.
GHC vs VXZ: side by side
| GHC (Graham Holdings Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.2% | -16.1% |
| 5-year return | +94.6% | -53.1% |
| Volatility (ann.) | 26.8% | 25.6% |
| Beta vs S&P 500 | 0.78 | -1.31 |
| Max drawdown (3Y) | -19.8% | -36.4% |
| Market cap | $4.8B | – |
| P/E (trailing) | 9.2 | – |
| Dividend yield | 0.63% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHC | VXZ |
|---|---|---|
| 2022 | -3.0% | +0.5% |
| 2023 | +16.6% | -44.0% |
| 2024 | +26.3% | -12.7% |
| 2025 | +27.0% | +5.7% |
| 2026 | +4.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between GHC and VXZ?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.39 over the last year and -0.47 over 5 years.
Is VXZ a good diversifier for GHC?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
A reading of -0.47 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/ghc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ghc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GHC correlations · VXZ correlations
