GHRS vs VXX: Correlation
Measured on weekly returns over the past three years, GH Research PLC (GHRS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHRS and VXX?
Across a 3-year window, the weekly returns of GHRS and VXX correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.23). Stretching to 5 years gives -0.22, with an annualized covariance of -969.6 %².
Out of 10 assets tracked against GHRS, VXX lands near the bottom at #9. The last year tells two different stories: GHRS led by 159.9 percentage points, +110.2% for GHRS against -49.7% for VXX.
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.
GHRS vs VXX: side by side
| GHRS (GH Research PLC) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +110.2% | -49.7% |
| 5-year return | +34.4% | -95.6% |
| Volatility (ann.) | 70.0% | 60.9% |
| Beta vs S&P 500 | 1.07 | -3.31 |
| Max drawdown (3Y) | -57.5% | -83.3% |
| Market cap | $2.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHRS | VXX |
|---|---|---|
| 2022 | -58.3% | -23.8% |
| 2023 | -40.3% | -72.5% |
| 2024 | +20.7% | -26.2% |
| 2025 | +81.4% | -42.2% |
| 2026 | +125.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHRS and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between GHRS and VXX?
As of 2026-08-27, the correlation of weekly returns between GHRS and VXX is -0.23 over 3 years, -0.12 over 1 year and -0.22 over 5 years.
Is VXX a good diversifier for GHRS?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/ghrs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ghrs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GHRS correlations · VXX correlations
