GHY vs VXZ: Correlation
How closely do PGIM Global High Yield Fund, Inc. (GHY) 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 -0.52, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHY and VXZ?
Across a 3-year window, the weekly returns of GHY and VXZ correlate at -0.52, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.62) sits close to the 3-year figure. Stretching to 5 years gives -0.55, with an annualized covariance of -188.0 %².
Out of 13 assets tracked against GHY, VXZ lands near the bottom at #12. Over the last 12 months GHY came out ahead by 12.2 percentage points (-3.9% against -16.1%). One caveat on sizing: VXZ is 1.8 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.
GHY vs VXZ: side by side
| GHY (PGIM Global High Yield Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.9% | -16.1% |
| 5-year return | +23.8% | -53.1% |
| Volatility (ann.) | 14.0% | 25.6% |
| Beta vs S&P 500 | 0.49 | -1.31 |
| Max drawdown (3Y) | -16.4% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHY | VXZ |
|---|---|---|
| 2022 | -20.0% | +0.5% |
| 2023 | +17.3% | -44.0% |
| 2024 | +20.3% | -12.7% |
| 2025 | +10.5% | +5.7% |
| 2026 | -0.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHY and VXZ good diversifiers for each other?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GHY and VXZ?
As of 2026-08-27, the correlation of weekly returns between GHY and VXZ is -0.52 over 3 years, -0.62 over 1 year and -0.55 over 5 years.
Is VXZ a good diversifier for GHY?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.52 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/ghy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ghy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GHY correlations · VXZ correlations
