GIC vs VXX: Correlation
Global Industrial Company (GIC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIC and VXX?
On 3 years of weekly data the GIC/VXX correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -612.8 %².
Out of 14 assets tracked against GIC, VXX lands near the bottom at #13. The last year tells two different stories: GIC led by 58.4 percentage points, +8.7% for GIC against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GIC vs VXX: side by side
| GIC (Global Industrial Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.7% | -49.7% |
| 5-year return | +21.2% | -95.6% |
| Volatility (ann.) | 35.8% | 60.9% |
| Beta vs S&P 500 | 0.84 | -3.31 |
| Max drawdown (3Y) | -53.2% | -83.3% |
| Market cap | $1.5B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 2.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GIC | VXX |
|---|---|---|
| 2022 | -41.0% | -23.8% |
| 2023 | +69.7% | -72.5% |
| 2024 | -34.3% | -26.2% |
| 2025 | +22.4% | -42.2% |
| 2026 | +39.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIC and VXX good diversifiers for each other?
Yes. With a correlation of -0.28, GIC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GIC and VXX?
As of 2026-08-27, the correlation of weekly returns between GIC and VXX is -0.28 over 3 years, -0.22 over 1 year and -0.28 over 5 years.
Is VXX a good diversifier for GIC?
Yes. With a correlation of -0.28, GIC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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/gic-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gic-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GIC correlations · VXX correlations
