GHM vs VXZ: Correlation
Graham Corporation (GHM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHM and VXZ?
Over the past 3 years, GHM and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.28) runs above the 3-year figure (-0.40). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -504.8 %².
VXZ is close to the least connected end of GHM's tracked universe, ranking #10 of 10. The last year tells two different stories: GHM led by 102.3 percentage points, +86.2% for GHM against -16.1% for VXZ. One caveat on sizing: GHM is 1.9 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.
GHM vs VXZ: side by side
| GHM (Graham Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +86.2% | -16.1% |
| 5-year return | +676.7% | -53.1% |
| Volatility (ann.) | 49.3% | 25.6% |
| Beta vs S&P 500 | 1.56 | -1.31 |
| Max drawdown (3Y) | -46.5% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 88.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHM | VXZ |
|---|---|---|
| 2022 | -22.7% | +0.5% |
| 2023 | +97.2% | -44.0% |
| 2024 | +134.4% | -12.7% |
| 2025 | +44.4% | +5.7% |
| 2026 | +45.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, GHM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GHM and VXZ?
As of 2026-08-27, the correlation of weekly returns between GHM and VXZ is -0.40 over 3 years, -0.28 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for GHM?
Yes. With a correlation of -0.40, GHM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ghm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GHM correlations · VXZ correlations
