GILT vs VXX: Correlation
Gilat Satellite Networks Ltd. (GILT) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GILT and VXX?
On 3 years of weekly data the GILT/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -1161.7 %².
Among the 13 assets we track against GILT, VXX sits near the bottom by co-movement, at rank #13. The last year tells two different stories: GILT led by 55.2 percentage points, +5.5% for GILT 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.
GILT vs VXX: side by side
| GILT (Gilat Satellite Networks Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.5% | -49.7% |
| 5-year return | +4.3% | -95.6% |
| Volatility (ann.) | 50.6% | 60.9% |
| Beta vs S&P 500 | 1.53 | -3.31 |
| Max drawdown (3Y) | -52.3% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 23.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GILT | VXX |
|---|---|---|
| 2022 | -18.0% | -23.8% |
| 2023 | +5.3% | -72.5% |
| 2024 | +0.7% | -26.2% |
| 2025 | +110.4% | -42.2% |
| 2026 | -19.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GILT and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GILT and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.34 over the last year and -0.33 over 5 years.
Is VXX a good diversifier for GILT?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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/gilt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gilt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GILT correlations · VXX correlations
