GIC vs VXZ: Correlation
Measured on weekly returns over the past three years, Global Industrial Company (GIC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIC and VXZ?
On 3 years of weekly data the GIC/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -286.0 %².
Among the 14 assets we track against GIC, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months GIC outperformed by 24.8 percentage points (+8.7% for GIC against -16.1% for VXZ).
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 VXZ: side by side
| GIC (Global Industrial Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.7% | -16.1% |
| 5-year return | +21.2% | -53.1% |
| Volatility (ann.) | 35.8% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -53.2% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 2.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GIC | VXZ |
|---|---|---|
| 2022 | -41.0% | +0.5% |
| 2023 | +69.7% | -44.0% |
| 2024 | -34.3% | -12.7% |
| 2025 | +22.4% | +5.7% |
| 2026 | +39.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between GIC and VXZ?
The GIC/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.36, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GIC?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/gic-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gic-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GIC correlations · VXZ correlations
