GHM vs VXX: Correlation
Measured on weekly returns over the past three years, Graham Corporation (GHM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHM and VXX?
Across a 3-year window, the weekly returns of GHM and VXX correlate at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.15 versus -0.37 over 3 years. Stretching to 5 years gives -0.30, with an annualized covariance of -1105.1 %².
Out of 10 assets tracked against GHM, VXX lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with GHM ahead by 135.9 points (+86.2% versus -49.7%).
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.
GHM vs VXX: side by side
| GHM (Graham Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +86.2% | -49.7% |
| 5-year return | +676.7% | -95.6% |
| Volatility (ann.) | 49.3% | 60.9% |
| Beta vs S&P 500 | 1.56 | -3.31 |
| Max drawdown (3Y) | -46.5% | -83.3% |
| Market cap | $1.1B | – |
| P/E (trailing) | 88.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHM | VXX |
|---|---|---|
| 2022 | -22.7% | -23.8% |
| 2023 | +97.2% | -72.5% |
| 2024 | +134.4% | -26.2% |
| 2025 | +44.4% | -42.2% |
| 2026 | +45.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHM and VXX good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GHM and VXX?
As of 2026-08-27, the correlation of weekly returns between GHM and VXX is -0.37 over 3 years, -0.15 over 1 year and -0.30 over 5 years.
Is VXX a good diversifier for GHM?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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/ghm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ghm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GHM correlations · VXX correlations
