GILT vs VXZ: Correlation
Gilat Satellite Networks Ltd. (GILT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GILT and VXZ?
On 3 years of weekly data the GILT/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -407.0 %².
VXZ is close to the least connected end of GILT's tracked universe, ranking #11 of 13. Correlation aside, the last 12 months split them widely, with GILT ahead by 21.6 points (+5.5% versus -16.1%). Risk is not evenly split, since GILT carries 2.0 times the volatility of the other side.
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 VXZ: side by side
| GILT (Gilat Satellite Networks Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.5% | -16.1% |
| 5-year return | +4.3% | -53.1% |
| Volatility (ann.) | 50.6% | 25.6% |
| Beta vs S&P 500 | 1.53 | -1.31 |
| Max drawdown (3Y) | -52.3% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 23.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GILT | VXZ |
|---|---|---|
| 2022 | -18.0% | +0.5% |
| 2023 | +5.3% | -44.0% |
| 2024 | +0.7% | -12.7% |
| 2025 | +110.4% | +5.7% |
| 2026 | -19.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GILT and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GILT and VXZ?
As of 2026-08-27, the correlation of weekly returns between GILT and VXZ is -0.31 over 3 years, -0.31 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for GILT?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/gilt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gilt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GILT correlations · VXZ correlations
